Global community should be on alert on any new development in two neighbouring nuclear powers in South Asia given the nature of Mumbai Terror attack in India and instability in Pakistan. India suffered a major terrorist event in Mumbai. Though,previous attacks have been equally severe in terms of fatalities,the nature of this attack and the targets may signal the new direction for terrorism on the subcontinent, WEF noted in its latest report titled 'Global Risks 2009'. According to the report,the terror attacks in Mumbai and the potential for instability in Pakistan,with its troubled borders with Afghanistan and India,the world must remain on alert about events in this region,dominated by two nuclear powers and,if necessary,ready to act in an aligned manner. The Forum has pointed out that even though the previous attacks in India have been severe in terms of fatalities,the nature of the Mumbai terror strikes and the targets chosen,might signal a new direction for terrorism in the subcontinent. On the other hand,WEF has identified deteriorating fiscal positions,asset price collapse,global governance gaps and challenges related to resources,as major risks for 2009. .better governance at corporate,country and global level is necessary to provide the frameworks for stable international relations,and for states and corporations to create greater certainty and trust, WEF Founder and Executive Chairman Klaus Schwab said.
