A recent survey conducted at Davos showed many of today’s world leaders are not ready to face the challenges presented by the rise of Nationalism across the globe. This implies that world leaders who continue to uphold the tenets of globalism are vulnerable to major crises.
The study which was published by
World Economic Forum (WEF) and released by risk consultancy Marsh, surveyed
1000 business leaders and decision makers.
The WEF survey called Global Risks
Report 2019 stated that the breakdown of international cooperation on major
issues such as cyberattacks and climate change had reached “crisis
levels” and would continue to prevent international action on urgent
crises this year.
John Dzrik warns these world leaders
that nationalism has been on the rise and the inability to accommodate
accompanying changes in ideology can have disastrous consequences:
“The expectation is that risks will
intensify even further over the next year and our ability to collectively
respond to events as they take place is declining because the commitment to
multi-lateral institutions is declining. There’s a significant and growing risk
in the geo-political arena because of the migration towards nationalist
Drzik also noted that more and more
countries are electing leaders who run on a nationalist platform:
“Lots of populist political
figures are getting elected and changing the agenda to be more protectionist
(and) more nationalist, and as a result (they are) weakening multilateral bonds
— and that’s expected to continue into 2019.
“Not only will geopolitical
tensions continue, but they will grow in the economic sphere in the form of
tariffs, sanctions, further trade wars, investment restrictions, restrictions
on the use of technology from a foreign country, and all of these tend to have
a depressing impact on the economy.”
The report also stated the possible
consequences of having a “multiconceptual” world order — where
geopolitical instabilities reflected a shift in power balances as well as
disagreements on fundamental values.
WEF President Borge Brende said on
Wednesday, “We simply do not have the gunpowder to deal with the kind of
slowdown that current dynamics might lead us towards. What we need now is
coordinated, concerted action to sustain growth and to tackle the grave threats
facing our world today.”