Global risks in-depth: anticipating tomorrow’s challenges today2 The underlying set of conditions and parameters that influence the global risks landscape, referred to in this report as structural forces, are set to continue their convergence and acceleration. Global in scope, the significant influence of structural forces in amplifying disorderly trends across technological, climatic, geostrategic and demographic domains is expected to deepen over the next decade. The four structural forces, introduced in the Global Risks Report 2024 are technological acceleration, geostrategic shifts, climate change and demographic bifurcation. While all four forces have global ramifications, some, such as the changing climate, are more multi-directional in their development, which could allow for several potential futures. Similarly, while all represent longer-term shifts to the structural landscape, some have the potential to manifest more quickly due to underlying variables. Geostrategic shifts refers to evolving sources and concentration of geopolitical power. Longstanding geopolitical alliances are being reshaped as global rules and norms are increasingly contested. Technological acceleration relates to development pathways of emerging technologies and the expected significant, accelerated changes over the next 10 years. Technological developments are driving positive transformations across many domains, but new risks are also emerging. Climate change encompasses the range of possible trajectories of global warming and its consequences to Earth systems. Climate change is a systemic shift, with 2024 confirmed as the warmest year on record at over 1.5°C above the pre-industrial level.1 Demographic bifurcation refers to changes in the size, growth and structure of populations around the world. Demographic divides are widening, and this will have material implications for related socioeconomic and political systems. Against this backdrop of structural transformations, this year’s report examines in-depth six sets of risks and how they may evolve in the years to come: Multipolarity without multilateralism: With multilateralism facing ever stronger headwinds and rising evidence of the decline of the rules-based international order, there is greater risk of cross- border economic and military conflicts and inaction on global challenges. Values at war: As societal and political polarization deepens and technology becomes more embedded in daily life while geopolitical tensions persist, this section assesses what values conflicts mean for social inclusion and climate action within and across countries. An economic reckoning: This section explores some of the key risks facing the global economy over the next years, as it grapples with high debt refinancing needs, possible asset price and/or industrial bubbles, and the risks of boomerang inflation. Infrastructure endangered: This section examines how failing legacy infrastructure is exacerbating risks – especially as more frequent and intense extreme weather events are likely to overwhelm it. The section also explores how infrastructure could become a new front in warfare, contributing to social and economic crises. Quantum leaps: This section analyses how this field is likely to accelerate over the next decade and potentially transform risks to cryptography, as well as elevate geoeconomic rivalries and economic and business imbalances to new levels. AI at large: This section explores the long-term risk landscape that could potentially unfold as AI itself develops and is used in new ways, across labour markets and societies, and in military applications.An underlying context of structural change2.1 Global Risks Report 2026 24