Share of respondents (%)State-based armed conﬂict Extreme weather events Geoeconomic confrontation Misinformation and disinformation Societal polarization Economic downturn Critical change to Earth systems Lack of economic opportunity or unemployment Erosion of human rights and/or civic freedoms Inequality Involuntary migration or displacement Natural resources shortages Adverse outcomes of AI technologies Cyber espionage and warfare Crime and illicit economic activity Disruptions to a systemically important supply chainConcentration of strategic resources and technologiesBiodiversity loss and ecosystem collapse Asset bubble burst Decline in health and well-being Biological, chemical or nuclear weapons or hazards Disruptions to critical infrastructureDebt Infectious diseases Intrastate violence Insufﬁcient public infrastructure and social protections Inﬂation Pollution Online harms Censorship and surveillance Non-weather-related natural disasters Talent and/or labour shortages Adverse outcomes of frontier technologiesCurrent Global Risk Landscape FIGURE B Source World Economic Forum Global Risks Perception Survey 2024-2025.“Please select one risk that you believe is most likely to present a material crisis on a global scale in 2025.” Risk categories Economic Environmental Geopolitical Societal Technological perceptions have darkened when it comes to conflict. State-based armed conflict, now ranked as the #1 current risk by 23% of respondents (Figure B), was overlooked as a leading two-year risk two years ago.In a world that has seen an increasing number of armed conflicts over the last decade,2 national security considerations are starting to dominate government agendas. Section 1.3: "Geopolitical recession" dives deep into the dangers of Global Risks Report 2025 7