According to the World Economic Forum's Global Risks Report 2023, the biggest short-term risk is the global cost of living crisis, while failure of climate mitigation and climate adaptation are the largest long-term concerns. The report, produced in partnership with Marsh McLennan and Zurich Insurance Group, draws on the views of some 1,200 global risk experts, policymakers, and industry leaders.

It paints a picture of a world where tensions have triggered a series of deeply interconnected global risks, including energy and food supply crunches, recession, growing debt distress, polarised societies, a hiatus on rapid climate action, and zero-sum geo-economic warfare.

Unless the world starts to cooperate more effectively on climate mitigation and climate adaptation, over the next 10 years this will lead to continued global warming and ecological breakdown, WEF warns. The report calls for urgent and coordinated action between countries, as well as public-private cooperation, to strengthen financial stability, technology governance, economic development and investment in research, science, education and health.