The Global Risks Report 2024

These contrasting narratives encapsulate the highly uncertain economic outlook. Fears of an Economic downturn are widespread among private-sector respondents, featuring as a top-five risk in 102 countries (90%) surveyed in the EOS, a significant uptick from 2022 (Figure 1.16). A slowdown in global growth is already occurring, but it is taking place under a different set of economic parameters than previous cycles, heightening uncertainty. Over the next two years, there may be a lack of coherence in forward projections within and between economies, particularly with respect to inflation, interest rates and growth rates. With contrasting views about the future, the risk of miscalibration by central banks, governments and companies will rise accordingly, potentially deepening and prolonging economic risks. Additionally, continued trade conflicts and geoeconomic rifts between the United States, European Union and China add to the significant economic uncertainty ahead. National risk perceptions: Economic downturn FIGURE 1.16 “Which five risks are the most likely to pose the biggest threat to your country in the next two years?” A. Prolonged economic stagnation, 2022 B. Economic downturn, 2023 Source World Economic Forum ExecutiveOpinion Surveys 2022 and 2023. 1st10th20th30th36thRank Adeolu Eletu, Unsplash Global Risks Report 2024 28