Page 11 - IRMSA Risk Report 2023

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PREFACE

“If you’ve been feeling confused

and as though everything

is impacting on you all at

the same time, this is not a

personal, private experience

– this is actually a collective

experience.”

Adam Tooze

The word ‘polycrisis’ cropped up throughout panel A polycrisis refers to a situation in which multiple
discussions at the World Economic Forum Annual crises occur simultaneously or in quick succession,
Meeting in Davos. Experts evaluated the short- creating a complex and interconnected web
and long-term challenges facing the planet for of crises for governments, organisations and
the Forum’s Global Risks Report 2023/24. They societies. These crises may be social, economic,
found that the risk of polycrisis is growing – “where political, environmental, technological, or health
disparate crises interact such that the overall impact related. They can occur at different levels, locally,
far exceeds the sum of each part.” regionally, and globally. A polycrisis is particularly
The theme of the 9th Edition of the IRMSA Risk challenging to manage, as it can create feedback
Report is: loops, exacerbating existing problems, and
creating new ones. For example: an energy crisis
may trigger an economic crisis, which in turn can
South Africa in a Polycrisis! lead to social unrest and political instability.

IRMSA RISK REPORT 2023/24 11