Rapid inflation, debt crises and the cost of living crisis are the biggest threats to doing business over the next two years in G20 countries according to 2022 executive opinion survey conducted by the World Economic Forum's Centre for the New Economy and Society.
The survey released in November 2022 revealed that transition to net-zero has dropped too far down on the short-term agendas of many business leaders and the impact of rapid inflation, debt crises and the cost of living crisis are the biggest threats to doing business over the next two years in G20 countries.
The findings of this year’s executive opinion survey, which elicited the views of over 12,000 business leaders from 122 countries between April and August 2022, was published ahead of COP27 in Egypt and the G20 summit in Indonesia later in November 2022.
According to survey results, interlinking economic, geopolitical and societal risks are dominating the risk landscape among G20 business leaders, as they continue to address immediate concerns around significant market turbulence and intensifying political conflict.
Rapid and/or sustained inflation is the most commonly cited top risk in G20 countries surveyed this year, with over one-third (37%) of G20 countries identifying it as a top concern, followed jointly by debt crises and the cost of living crisis (21%).
Geo-economic confrontation was identified as the top risk by two G20 countries. Other respondents referenced the potential for state collapse and lack of widespread digital services and digital inequality as top concerns.
Despite mounting environmental pressures and rising environmental regulation over the last 12 months – and factoring in adjustments to the list of risks surveyed this year in response to evolving economic, geopolitical and environmental trends – environmental issues featured significantly lower as a top five risk for G20 countries in this year’s report, compared to 2021.
Further, despite the growing threat of cyber attacks on critical infrastructure, this and other technological risks ranked among the least commonly cited top five risks this year.
Marsh McLennan and Zurich Insurance Group are partners of the Centre and the Global Risks Report series.
Source: asiainsurancereview.com
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