Income disparity, debt lead risk list



ARAB NEWS

Published — Wednesday 9 January 2013

Last update 10 January 2013 6:37 pm

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LONDON: Fragile economies and extreme weather have combined to crank up the global risk dial in the past year, creating an increasingly dangerous mix, according to the World Economic Forum.
Despite Europe’s avoidance of a euro breakup in 2012 and the US stepping back from its fiscal cliff, business leaders and academics fear politicians are failing to address fundamental problems. The unemployment rate across the euro zone hit a new all-time high of 11.8% in November, official figures say.
That is the conclusion of the group’s Global Risks 2013 report, which surveyed more than 1,000 experts and industry bosses and found they were slightly more pessimistic about the outlook for the decade ahead than a year ago.
“It reflects a loss of confidence in leadership from governments,” said Lee Howell, the WEF managing director responsible for the report.
The 80-page analysis of 50 risks for the next 10 years comes ahead of the WEF annual meeting in the Swiss ski resort of Davos from Jan. 23 to 27, where the rich and powerful will ponder the planet’s future.
The experts, who were asked to rate 50 global risks, suggested the risk of growing wealth gaps was the most likely to materialize, followed by unsustainable government debt and rising greenhouse gas emissions.
They deemed however that major systemic financial failure would have the biggest impact if it happened, followed by a major water supply crisis and chronic fiscal imbalances.
The list of global risks “are essentially a health warning regarding our most critical systems,” said WEF managing director Lee Howell, who edited the report.

What's happening around Saudi Arabia

JEDDAH: The Saudi man who carried out a suicide bombing at a mosque in Kuwait on Friday had no previous convictions for terrorism, the Interior Ministry said.The ministry, through its Twitter account, announced that Fahad Suleiman Al-Gabbaa was born...
JEDDAH: Eight million people visited the Grand Mosque in the first 10 days of Ramadan, a 49 percent increase from last year, the Haj and Umrah Directorate said recently.Salah Saqr, director of the directorate, said the transport plan was approved and...
JEDDAH: The government has installed 5,000 high-definition cameras on all floors and courtyards of the Grand Mosque to ensure security and crowd control.These cameras are monitored 24 hours a day by officers at a control center in Mina. They have to...
GENEVA: Saudi Arabia has welcomed the report of the International Fact Finding Commission on Israeli aggression in Gaza and has lauded its effort to prepare the report despite noncooperation from Israel which did not allow the committee to do its wor...
JEDDAH: Several Yemenis have praised the government for correcting their status quickly, which created no extra burden while fasting.Many who gathered in front of the Passport Department in Asir said everything was in place for them, a local newspape...
RIYADH: The $11.6 billion King Abdullah Financial District (KAFD) is already being admired for being a smart city but nobody can tell when it will be completed.“Being a smart city, everything is state-of-the-art. There is seamless Internet access and...
RIYADH: In a new move, the Ministry of Health will conduct drug tests on all drivers ferrying pilgrims between Makkah and Madinah during the Haj season.The decision was taken at a Haj preparatory meeting held on Sunday under the chairmanship of Imad...
JEDDAH: Motorbikes are among the most important means of transportation in Makkah during Ramadan because they are easy to use and cope easily with congestion in the central area next to the Grand Mosque. Despite the presence of public transportation,...
JEDDAH: A local man here runs a business started 150 years ago by his grandfather making sought-after Hijazi sweets for Eid and other festivals.Samer Jastaniah, 35, has three family shops making these products. “I am the grandson of the doyen of swee...
RIYADH: Saudi students have won six medals — a gold, a silver and four bronze — at the 19th Junior Balkan Mathematical Olympiad (JBMO 2015), securing the fifth place for the nation, as against 13th in its first participation in 2013.Rinad Abu-Jamal f...
Ambassador of Belgium Geert Criel:— Which particular aspect of Saudi Arabia you like the most? The friendliness of its people.— What is your favorite and oft-repeated Arabic word? Ahlan wa Sahlan.— Which book is by your bedside these days? World Orde...
AL-AHSA: Saudi farmers here need more support to buy fertilizers, medicines and equipment, and market their products.This is the view of Ahmed Al-Musalmi, who recently won the country’s ‘Ideal Farmer Award.’ He said high production costs and low mark...
JEDDAH: The Commission of the Promotion of Virtue and Prevention of Vice (Haia) has launched 20 initiatives aimed at improving the professionalism of employees and limiting individual interpretations and actions while carrying out duties.Sheikh Abdul...
RIYADH: Medical studies and research for new methods in the treatment of chronic diseases suggests that fasting could help combat cancer and boost effectiveness of treatment.Scientists doing research on the positive aspects of fasting discovered that...
RIYADH: The Ministry of Education has announced that Saudi universities would accept 95 percent of high school graduates, despite a royal decree four years ago setting a ceiling of 70 percent.The royal decree had approved the “Afaq Project,” a strate...

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