Economic inequality to dominate global developments - report

Economic inequality, societal polarization, and intensifying environmental dangers are predicted to be the top three trends that will shape global developments over the next 10 years, according to the World Economic Forum's Global Risk Report 2017. The report, which surveyed 750 respondents and identified 30 global risks, emphasized 13 underlying trends that could either amplify or change the interconnected relationships between these risks. Social inequality, environmental risks, and technological change emerged as the key areas of concern. Global income inequality has been on the rise for the past decade, with the wealthiest 1% experiencing significant wealth growth compared to the rest of the population. This income gap is expected to persist and impact global economics and politics in the coming years. High structural unemployment and underemployment are interconnected risks that could lead to social unrest and political instability. The report highlights the need to create highly productive jobs to empower the workforce and mitigate these challenges. Technology, particularly artificial intelligence and robotics, presents both opportunities and risks. While technological advancements can bring significant benefits, they also pose threats to traditional job markets. The emergence of autonomous systems and the Internet of Things raise concerns about job displacement and the need for robust regulation to manage technological progress effectively. Regulations and legal frameworks often lag behind technological advancements, underscoring the importance of addressing these issues to safeguard against potential negative consequences. As the world witnesses a surge in investment in artificial intelligence and technological innovation, it becomes crucial to balance growth with ethical considerations and societal well-being.