Report outlines biggest risks facing Arab world

The World Economic Forum relates that economic, governance and safety issues worry Middle East and North Africa business leaders the most. Climate change, on the other hand, is underestimated.

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São Paulo – Business leaders in the Middle East and North Africa see economic, governance and safety issues as the biggest risks facing their businesses and the region. Key issues include oil price shocks, unemployment and terrorism, as per an analysis issued this Thursday (4) by the World Economic Forum (WEF). The forum’s MENA edition will take place over the weekend in the Dead Sea, Jordan.

The Middle East and North Africa Risks Landscape is based on two prior WEF surveys. The biggest global risk is “economic confrontations between major powers,” reflecting US-China trade tensions. In a 10-year horizon, the biggest concern is with “climate-related issues.”

Climate change, however, does not rank among the biggest fears of Middle East and North Africa business leaders. The WEF believes those risks are being underestimated.

According to the Forum, both trade wars and climate change pose dangers, since many of the region’s economies are dependent on international trade, and rising sea levels stemming from global warming could impact seaports.

“In today’s interconnected world, risks no longer stop at borders on a map or are confined to one industry in an economy,” a press release quoted the deputy head of the WEF’s Centre for Geopolitical and Regional Affairs and Executive Committee member Mirek Dusek as saying. “Our analysis offers a combination of global and local analysis so that stakeholders can gain a better understanding of what is necessary for risk mitigation and resiliency,” he added.

Over 1,000 local and international leaders are expected to attend the Forum during the weekend. Click here for the full report.

Translated by Gabriel Pomerancblum

Artur Widak/NurPhoto/AFP

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