Against a backdrop of major economic headwinds and increased geopolitical instability, many governments are taking measures that focus on national economic security. Such measures could have far-reaching global consequences and compound the impact of various risks. The compounding effect of related global risks is what the Global Risks Report 2023 calls “polycrises” that will test resiliency at the global, country, and business levels.
While today’s political and economic landscape is complex and volatile environment, there are opportunities for growth. Greater competition could spur innovation and accelerate the transition to a low-carbon economy, while countries with substantial resource wealth could benefit economically.