Cybersecurity and space pose new risks to the global economy, exacerbating the existing challenges posed by climate change and the coronavirus pandemic, the World Economic Forum said in a report.

The Global Risk Report is usually published ahead of the annual winter meeting of CEOs and world leaders at the Swiss ski resort of Davos, but the event has been postponed for the second year in a row due to COVID-19. The World Economic Forum is still planning several virtual sessions next week.

In early 2022, the report says the pandemic and its economic and social impact continue to pose a critical threat to the world. Large disparities in the access of rich and poor countries to vaccines mean that their economies are recovering unevenly, which can exacerbate social divisions and heighten geopolitical tensions.

The global economy is projected to be 2.3% smaller by 2024 than it would have been without the pandemic. But that masks different growth rates between developing countries, which are forecast to be 5.5% smaller than before the pandemic, and rich countries, which are expected to grow 0.9%.

The report says the pandemic has triggered a huge shift with many people being forced to work or take classes from home, leading to a skyrocketing rise in online platforms and devices that are helping transformation, which has dramatically increased security risks.

Cyberattacks are becoming more aggressive and widespread as criminals use tougher tactics to target more vulnerable targets. Malware and ransomware attacks have skyrocketed, and the rise of cryptocurrencies makes it easy for online criminals to hide payments.

Space is the last frontier - for risk.

Falling costs for launch technologies have led to a new space race between companies and governments. Last year, Amazon founder Jeff Bezos' space tourism company Blue Origin and Richard Branson Virgin Galactic made great strides, and Elon Musk's Space X business made great strides in launching astronauts and satellites.

Meanwhile, the report says many countries are stepping up their space programs in pursuit of geopolitical and military might or scientific and commercial advancements.

But all of these programs increase the risk of friction in orbit. Increasing the use of these orbits carries the risk of congestion, increased debris and the potential for collisions in an area with fewer control structures to mitigate new threats, the report says.

The use of space is one of the areas in which respondents felt that international cooperation to solve problems was the least.

The experts and leaders who participated in the survey do not believe that much is being done in the best possible way to move forward, said World Economic Forum Managing Director Saadia Zahidi at a virtual press briefing in Geneva.