$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
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Mohieldin to WYF: World facing five major challenges
Executive Director of the International Monetary Fund (IMF) Dr. Mahmoud Mohieldin warned that the world is facing five major challenges represented in the pandemic, climate change, cyber security, economic risks and political risks.
He made the remarks on Wednesday during the World Youth Forum (WYF) being held in Egypt’s Sharm El Sheikh under the theme of “Back Together”.
Mohieldin expressed delight for participating in the World Youth Forum which is developing thanks to the Egyptian and world youths and the organizational capabilities.
He cautioned that the world is trying to turn a blind eye to the dangers and challenges facing it, noting that specialists had warned several years ago of the possibility of this pandemic.
In 2019, a report – funded by the World Bank and the World Health Organization (WHO) – underlined that the world was about to face a pandemic, but the world was not well-prepared for this, even after the world’s experience of Ebola.
Mohieldin added that “The unsound response to the Ebola virus in Western Africa indicated an early prediction of what happened later on in response to the Covid Pandemic.”
As the world needs dlrs 5-6 trillion annually to curb climate change, developed states could not secure dlrs 100 billion to meet their commitments to developing countries, he said.
Meanwhile, he said that cyber security in the world became a top priority, especially after cyber attacks on countries and organizations.
He noted that some cyber attacks can fully paralyze some walks of life.
As for growth rate, he said the World Economic Prospects report – which was issued by the World Bank – expected the world growth rate to reach 4.1 percent and Egypt 5.5 percent which is higher than international average.
He warned, however, that inflation rate recorded its highest levels in the US in 40 years, and the highest level in Europe since the launch of euro currency and this can cause unprecedented international crises.
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