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Unemployment topmost risk cited by Indian businesses: WEF survey

Huge job losses fuelled by automation, robotics and artificial intelligence has been a source of concern in markets like India. Professionals are engaged in upskilling to ensure that they stay relevant to their job roles.

September 20, 2017 / 05:49 PM IST

Unemployment is the topmost risk that Indian businesses face, as per new data from a survey by the World Economic Forum (WEF) which is published by partners of the Forum’s Global Risks Report, Marsh & McLennan Companies and Zurich Insurance Group. Even globally, unemployment or underemployment has been cited as the number one risk.

The new data is drawn from the WEF’s proprietary Executive Opinion Survey (EOS), which provides a unique window into global business conditions and which, among other things, asks respondents to identify the five biggest risks to doing business in their respective countries. In 2017, the EOS was conducted between February and June and the question on risks to doing business was answered by 12,411 executives across 136 countries.

Sanjay Kedia, CEO of Marsh India, said that in India, concerns about high unemployment climbed to the top rank in 2017. "Concerns about fiscal crisis, terrorist attacks, misuse of technology, and financial institution failure also made an appearance in the top five ranks among local business executives," said Kedia.

Executives’ responses identified economic, geopolitical, social and technological risks as likely to carry the greatest dangers for their businesses over the next 10 years.