‘Rapid inflation’ among major risks faced by Pakistan: WEF

The World Economic Forum in its global crisis risk report has identified debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures, and concentration of digital power as top five risks faced by Pakistan. In its ‘Global Risks 2023’ report, the global forum said that Pakis­tan was also among larger emerging markets exhibiting a heightened risk of default. Other countries include Argentina, Egypt, Ghana, Kenya, Tunisia, and Türkiye. According to the report, “[A]ffordability and availability of basic necessities can stoke social and political instability … may also exacerbate instability in countries facing simultaneous food and debt crises, such as Tunisia, Ghana, Pakistan, Egypt and Lebanon.” It said water stress was widespread and its scarcity, combined with paralysis of international co­operation mechanisms, has nec­essitated a degree of water nationalism, resulting in prolonged disputes.