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Tuesday 24.04.2018 | Name days: Nameda, Visvaldis, Ritvaldis

Experts: modern technologies create new and unpredictable risks

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUSocio-economic inequality at the moment is mentioned as the most topical problem of the last decade. Experts of the World Economic Forum warn: «Mutual synergy of social, economic and political risks is as intense as never before.» Rapid technological development creates risks for jobs across the world, experts say.

«Socio-economic inequality is currently mentioned as the most topical problem of the last decade. Global risk report mentions a dramatic trend. Since 2009, income of the richest people in USA has grown more than 31%. Income of 99% of other residents has grown by 0.5%,» notes Marsh credit consultant Sandra Smiltniece.

The Global Risk Report 2017 previously mentioned five largest risks: rapidly growing economic inequality, intercultural social conflicts, uncontrolled development of technologies, weak global cooperation and environmental pollution, forum experts said.

Experts say: «The global risk report especially mentions that slow economic growth and high debt burden and democratic changes create an environment that could potentially result in financial crises and development irregularities. Economic, social and political factors create pressure that echoes in social developments. People’s dissatisfaction and hate is reflected in Brexit vote and presidential elections in USA.»

Modern technologies radically change everyday routine for people and create new and poorly predictable risks. In addition to serious threats caused by rapid development of technologies, specifically cyber-crime risks, experts point towards to unemployment.

From 1997 to 2007, 86% of job loss cases took place because of automation of processes. «Half of all jobs in the world are at risk because insane development of technologies changes the essence of employment as a whole,» experts warn.

«The largest risks are noticed in the so-called 4th industrial revolution, which will fundamentally change the social environment, society, economy and ways of organizing businesses,» says Marsh consultant.

Another factor that will undoubtedly change the environment is the way people try to express their identity: national, cultural, religious, etc., which have become unclear in the age of globalization.

«Business decisions are more often made under influence from emotions. 2017 in the world and Latvia will be special because it will require cooperation among countless connections and even more data systems. This year will demand responsible management from CEOs, forcing them to deepen development and fair growth locally and globally,» said Marsh consultant.

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