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  • Not surprisingly, the coronavirus pandemic has left its mark.

  • Based on a survey off over 12,000 business leaders from 127 countries, the reporters unemployment top off the list Now, just like previous reports like the one from the International Labor Organization, massive job losses due to the pandemic are expected to negatively impact business for the next 10 years.

  • Now fiscal issues.

  • Until recently, the main risk factors dropped into third position, followed by cyber attacks and social instability.

  • The report is part off the global risk Initiative, which aims to find sustainable solutions for global environmental challenges.

  • And that, of course, also includes the impact off a pandemic.

  • Now for more.

  • I'm joined now by the managing director of the World Economic Forum, Saadia Zahidi in Geneva.

  • And there she is Good to have you with us.

  • Uh, tell me.

  • I mean, given that the coronavirus pandemic led to various locked down, uh is the the outcome of this report the result of it?

  • Does it come as a surprise to you?

  • You know, it's not really a surprise in the sense that the spread of infectious diseases rates number two globally.

  • It's amongst the highest rated risks across East Asia, Eurasia, Europe.

  • So not surprising in the sense that the pandemic has had that impact.

  • But what we are starting to see is, as business leaders look out to the next year or so, they're starting to think about what are the knock on effects that will create further risks.

  • And clearly, unemployment and job losses is one very large risk that comes to the surface cyber attacks or another large list that comes to the surface and not surprising because they're very much the results off.

  • The highly digital economy will now living in the case of cyber attacks and, in the case of unemployment, all of the displacement that has taken place due to the lockdowns, which is then further compounded by automation of work.

  • But report even says, I mean, you mentioned the knock on effect of the pandemic, especially for the jobs market on those business leaders.

  • Expect this knock on effect to last for at least 10 years.

  • Where is that figure coming from?

  • That's a that's a long time.

  • No, I think this is where they're starting to factor in other aspect beyond the lockdowns themselves.

  • I think we're starting to see now a sense off.

  • This recession may take longer to get out off.

  • Or there might be that K shaped recovery that many are talking about, where, for some parts of the workforce and some parts of the economy, it will be possible to have a relatively fast recovery.

  • And then, for a very large part, it may not be possible.

  • And again, not surprisingly, the top five, the fifth risk globally, is profound social instability.

  • And I think that's what they're starting to factor into their assessment.

  • All right, so this case shaped a recovery quite clearly, leading to Mawr inequality, something that we've been struggling with even before the pandemic.

  • The report provides a special look at regional risk factors.

  • How do they differ if there's any difference at all?

  • So certainly infectious diseases across Eurasia, Europe across most off East Asia and the Pacific but then unemployment, underemployment are the biggest concerns in South Asia and sub Saharan Africa, and I think this is not surprising that in the emerging parts of the world, where their husband less fiscal stimulus, less room from governments to be able to provide support to protect jobs to provide workers with support when they're out of the source of income.

  • Um, in those parts of the world, unemployment and underemployment is an even bigger concern than it is in most advanced economies on demand in quite a few of those regions that you just mentioned.

  • Of course, climate change, the impact off climate change is also something to think about.

  • And interesting enough.

  • The worry about climate change has somewhat dropped in that latest report off yours.

  • Does that worry you?

  • So I think it's interesting we with this is this is really looking at what are the views of business leaders as the top risks to getting business done.

  • And you're starting to see yes, that climate change is within the top 20 but towards towards the bottom of the top 20.

  • Yet very specific risks are actually rising in their assessment.

  • So businesses are starting to get deeply concerned about specific aspects of the climate risk when they're looking at their ability to be able to do business.

  • So biodiversity loss and ecosystem collapse that's up eight ranks natural catastrophes up seven ranks extreme weather events up five ranks, so I think they're really starting to build that into their own assessment for their ability to get things done.

  • All right, well, there's a a beam off hope, then there.

  • Uh, Saadia Zahidi.

  • Thank you so much for your time.

  • Uh, Saadia Zahidi there from the World Economic Forum.

  • Thank you.

  • Thank you.

Not surprisingly, the coronavirus pandemic has left its mark.

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