Executive perceptions of Geoeconomic confrontation (sanctions, tariffs, investment screening etc.), 2026–2028FIGURE 24 Source World Economic Forum Executive Opinion Survey 2025.Executive Opinion Survey rank of national risks from the question “In your country, what are the top ﬁve risks that are most likely to pose the biggest threat to your country in the next two years?” 1st10th20th30th34thRank advancing geopolitical interests. While the actions of China and the United States are most closely watched, all countries are affected by the changes underway. In turn, transformation of the global order will continue to be shaped by the strategic interests of many countries and regions. Heightened geoeconomic confrontation is both a cause and a consequence of the growing vacuum being left by the weakening of multilateral institutions. As a unipolar world shifts towards a more multipolar one, a new competitive order is emerging. With fewer multilateral constraints on unilateral action, rising national barriers and clashing interests could have negative economic and social repercussions across the globe. In the Executive Opinion Survey 2025 (EOS), which provides a national risk perspective by business executives, 16 countries rank Geoeconomic confrontation within their top five risks, including several export-oriented economies. This illustrates the extent to which geoeconomic uncertainty is now shaping national risk perceptions (Figure 24). The uncertainties surrounding commercial, diplomatic and military relationships will complicate the operating environment for all stakeholders. Collaboration on shared, cross-border challenges risks becoming more difficult, and as some governments try to turn newly created ambiguities around international rules and norms to their advantage, those countries that are least able to back up pursuit of their objectives with credible threats of economic, diplomatic or, ultimately, military retaliation could increasingly lose out. This zero-sum power politics manifests itself not only between but also within countries. Declining adherence to the rule of law may create the conditions for deepening social and political instability.4 This section looks at three sets of interconnected risks. First, the rise of Realpolitik on the global stage and its knock-on effects. Second, the consequences of multilateralism eroding further. Third, how this may impact countries locally and exacerbate the forces that led to economic nationalism and geopolitical fractures. Global Risks Report 2026 26