The biggest global Risks of 2023! (Forecast Part 1)

The profile of risks facing the world is evolving constantly. Events like last year’s invasion of Ukraine can send shockwaves through the system, radically shifting perceptions of what the biggest risks facing humanity are.

The graphic summarizes findings from the Global Risks Report, an annual publication produced by the World Economic Forum (WEF). It provides an overview of the most pressing global risks that the world is facing, as identified by experts and decision-makers. These risks are grouped into five general categories: economic, environmental, geopolitical, societal, and technological.*

In the lower-middle portion of the graphic are the risks that could have serious impacts - such as attacks involving nuclear or biological weapons - but that were highlighted by fewer experts.

Over in the top-right quadrant of the graphic are the risks that a number of experts mentioned, and that are causing a strain on society. Not surprisingly, the top risks are related to issues that impact a wide variety of people, such as the rising cost of living and inflation. When staples like food and energy become more expensive, this can fuel unrest and political instability − particularly in countries that already had simmering discontent. WEF points out that increases in fuel prices alone led to protests in an estimated 92 countries.

One risk worth watching is geoeconomic confrontation, which includes sanctions, trade wars, investment screening, and other actions that have the intent of weakening the countries on the receiving end. Efforts to mitigate this risk result in some of the key themes we see for the coming year. One example is the onshoring of industries, and “friend-shoring”, which is essentially moving operations to a foreign country that has more stable relations with one’s home country.

⪼ What impact does the information have on you? … resp. your company, employees, country, region?

⪼ What measures can you take resp. have you already taken? ... resp. your company, country, region?

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*Source: www.visualcapitalist.com/global-risks-2023/