This is a summary of the book titled “The Global Risks Report 2023” written by Sophie Heading and Saadia Zahidi who lead the work in this regard at the World Economic Forum. The book picks up the legacy of the receding COVID-19 epidemic, the rise in carbon emissions and the war in Ukraine and leads the discussion on the topic with the global inflation arising from these events. It includes a warning that not all economies and societies will bounce back from these compounding crises which  the book calls ‘polycrises’. Global risks include potential economic, population, and natural resource impacts. The most urgent crisis is rising living costs, climate change failure, irreversible ecosystem damage, societal polarization, COVID-19, financial warfare, debt crises, and potential polycrises. These risks pose significant threats to the world's health systems and economy.

The Global Risks Perception Survey (GRPS) surveyed respondents on five issues regarding short-term or long-term risks. The Executive Opinion Survey (EOS) included the views of over 12,000 business leaders. The cost of living is ranked as the world's most urgent crisis between 2023 and 2025, with the majority of respondents identifying it as a short-term risk. The report also highlights the failure to address climate change, which has been ranked high on the Global Risks Report for years. Carbon dioxide emissions and other climate change contributors are at record highs, and there is a scant chance of reaching the international goal of limiting temperature rise to 1.5°C (2.7°F) by 2030.

Climate change is a global risk that is seen as the least prepared for, with 70% of GRPS respondents rating existing measures as 'ineffective' or 'highly ineffective'. Governments are under pressure to move towards clean, renewable energy, but some nations have spent billions on fossil fuel facilities. The slow transition away from fossil fuels will have consequences, including undermining human health and ecosystems, affecting agriculture, human migration, terrorism, and conflict in Africa, Asia, and the Middle East. Short-term risks like political polarization may unfold quickly, but they still raise implications for the future. Between 2023 and 2033, pivotal risks related to climate change and the natural order will manifest, with failure to adapt being the highest-ranked global risk. Preserving ecosystems and biodiversity requires mitigating climate change, reducing fossil fuel emissions, and introducing carbon renewal technologies.

The growing gap in values and equality is posing a threat to both autocratic and democratic systems, as economic and social divides translate into political ones. Political polarization, particularly in economically dominant countries, can lead to political paralysis and undermine collective problem-solving. The COVID-19 pandemic has highlighted the risks of global public health systems, including antimicrobial resistance, infectious diseases, climate change-related chronic conditions, mental health crises, and anxiety over vaccinations. The receding pandemic has also led to increased work absences and healthcare system use, which are vulnerable to climate change impacts. With a growing and aging population, the demands on healthcare systems worldwide will become heavier, and a new pandemic or catastrophic weather event could push them to collapse. Public health agencies can improve healthcare systems by sharing information and resources, while governments can help people prevent disease by promoting healthy lifestyles, proper nutrition, and social connections.

The demilitarization of weapons and the increasing mistrust among countries and regions have led to a re-prioritization of states' military forces, potentially fracturing international relations and opening an arms race. The development of sophisticated, high-tech weapons could open new avenues of "asymmetric warfare" in the hands of rogue states or actors. A complex process of achieving useful arms control agreements will be required.

An increasing debt crisis threatens economies with instability, as countries may be unable to sustain high levels of debt under normal economic conditions. The risk of default is higher for lower-income countries, and wealthy countries may intervene, increasing geopolitical tensions. Debt crises also have a deleterious impact on investment, with advanced economies becoming more vulnerable to political polarization and conflict.

This book uses the term ‘Polycrises’ to refer to a group of related global risks that compound and develop effects greater than their individual parts and these may be common in the future. Two crucial features of such a polycrisis are the extent to which nations can properly match their resources' supply and demand, and the severity of climate change's impact on specific resources.

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