The Executive Opinion Survey, conducted by the World Economic Forum and its strategic partners, Marsh McLennan and Zurich Insurance Group, highlights the top five near-term risks identified by more than 11,000 business leaders from 121 countries.
The business risks of economic downturn, labor and/or talent shortages, and inflation are the top three risks cited. These were followed by ‘poverty and inequality’, which ranked fourth and extreme weather events, as the fifth biggest risk.
The findings of the survey also indicate growing concerns around technological risks, including adverse outcomes of artificial intelligence, such as misinformation and disinformation. These risks appear six times in the country-specific top five rankings this year, up from just three mentions in 2023.
Peter Giger, Group Chief Risk Officer, Zurich Insurance Group, criticised the strong focus on business risks, saying: “As businesses navigate an increasingly complex risk landscape, it is essential to broaden the focus beyond economic risks. 2024 is on track to be the warmest year on record, and so the escalating impacts of climate change must not be ignored. The rapid advancement of emerging technologies will help to overcome the growing challenges, but they also pose new threats. By proactively identifying and mitigating these diverse risks, businesses can build resilience and thrive in the face of uncertainty. Addressing these issues head-on will not only safeguard the operations but also position companies for sustainable success in the future.”
