“Prestigious” global risk report overlooks risk of endless economic growth

The latest report on global risks from the World Economic Forum (WEF), published ahead of its annual Davos Agenda meeting, overlooks the primary driver of global risk: continuous, global economic growth.

This 19th edition of the WEF’s Global Risks Report draws on a survey of 1,490 experts across academia, business, government and civil society, with responses collected from 4 September to 9 October 2023.

The report highlights a predominantly negative and deteriorating outlook for the world over the next two years that is expected to worsen over the next decade. It cites extreme weather events, critical change to earth systems, and biodiversity loss and ecosystem collapse as the top three most serious risks over the coming decade — with misinformation and disinformation coming top of the shorter term (two year) risk list.

Yet missing from these lists and indeed the entire report is any reference to the driving force behind humanity’s contribution to all of these: a global, extractive economic system predicated on endless growth and with negligible penalties for ecological destruction or carbon pollution.

This omission flies in the face of mounting, peer-reviewed evidence for an intractable correlation between global economic growth and environmental impact — increasingly acknowledged by global institutions such as the EU – and a growing body of research pointing to the post-growth imperative if humanity is to ameliorate the worst of the climate and ecological risks.

It is not clear whether the WEF’s investment in expert consultations and analyses has deliberately or accidentally by-passed this evidence, although commentators suggest that its implicit economic agenda (some would say its raison d’être) ensures this blind spot prevails.

Alongisde the uncurious approach to underlying causes, the authors appear to hold a deluded sense of optimism, with one press release titled, “The risks are growing — but so is our capacity to respond”. Gill Einhorn, head of innovation and transformation at the WEF’s Centre for Nature and Climate, said: “What is needed is a mindset that recognises the full scale of the risk, while maintaining the optimism that we can and will respond in a way to avoid and mitigate the worst risks from occurring.