A new survey-based report from the World Economic Forum looks at the main risks facing businesses around the world. More than 11,000 business leaders were polled between April and August 2023 for The Executive Opinion Survey.
The report, Global Risks for Business: Country-Level Perceptions, looks at perceptions of the top risks over the next two years.
An economic downturn ranked as the most commonly cited risk by G20-based business leaders and was identified as the top risk in 13 of the G20 countries. Inflation, labour and/or talent shortages, energy supply shortages, and an erosion of social cohesion and wellbeing were also identified among the top five risks in G20 countries.
The top risks by region vary, but economic downturn was ranked as the top risk in every region.
Infectious diseases were ranked as the second highest risk in North America and the fourth highest in the Middle East and North Africa, East Asia, and South-East Asia.
Inflation was a top two or three risk in every region and labour and/or talent shortages was in the top five risks in most regions, reaching the second highest risk in Europe and East Asia.
Extreme weather events were top risks in three regions, being the third highest risk in North America and Oceania; and the fifth highest risk in South Asia.
Concerns about energy supplies were also widespread, with this area being the fourth highest risk in North America, Europe, Sub-Saharan Africa, Central Asia, and Oceania. South-East Asia placed this risk in fifth place.
The report analysis was by Marsh McLennan .
Acute economic and societal risks continue to worry G20 business leaders in the near term. While rightly addressing these immediate concerns, they should also remain mindful that, by overlooking significant technological risks, they could leave their organizations vulnerable to increasingly sophisticated cyber and AI-related threats which may profoundly affect their prosperity and the communities in which they are based.
Carolina Klint, Chief Commercial Officer, Europe, Marsh McLennan.
