9 crises to surpass high cost of living in 2-10 years - 2023 report

During their annual meeting January 16th to January 20th, 2023, a list of 9 crises was released which indicate the timeline of each if no measures are taken towards mitigating them.

9 crises to surpass high cost of living in 2-10 years - 2023 report Pulse

Within two years, the cost of living is expected to bite the hardest, followed by a metaphoric combination of the disintegration of soil cohesion alongside societal polarisation. Extreme weather events will also dominate the two-year-frame and the dark side of the internet will rear its ugly head.

However, these catastrophies will be foreshadowing a more sinister turn of event and only the beginning. Climate change will is expected to be at the forefront of international communities concerns.

"...a struggle to access basic resources, the beginning of climate migration and increasing civil unrest, then threatens the livelihoods of many, particularly in the developing world. And yet, ignoring today’s crises and short-term risks in favour of longer-term threats such as climate is also impossible," says Saadia Zahidi, Managing Director, World Economic Forum.

Experts have suggested ways to mitigate these adverse effects.

"States are turning to the adoption of localized approaches to regulation and governance, rather than taking a global view. Businesses must move beyond compliance and engrain responsible and human-centred technology principles into their DNA to remain competitive, withstand disruption and build resilience," says Sebastian Buckup, Head of Networks and Partnerships, C4IR.

"While technology and renewables offer solutions, these need to be scaled up. It requires a focus on tackling non-economic barriers like permitting and fast-tracking approvals. In emerging and developing markets, we also need to address the high cost of capital. We need to help pull the commercialization of emerging technology by drawing down the costs of these solutions through partnership and collaboration," says Antonia Gawel, Head, Climate Change; Deputy Head, Centre for Nature and Climate.

"In 2023, we cannot avoid food systems failures affecting everyone: more people will go hungry, livelihoods lost, and there’ll be spiking prices globally. We must face this crisis with the certainty of multiple food crises to follow. Investing in healthy soils and innovation for decarbonizing food value-chains, will create carbon sinks, improve nutrient density, reduce food losses, and boost jobs and livelihoods of farmers, especially 500 million smallholders, who are on the frontlines of this crisis– but they need support to transition to climate-smart approaches," says Tania Strauss, Head, Strategy and Global Projects, Food Systems Initiative.