Geoeconomic confrontation named top global risk, WEF says

The World Economic Forum's Global Risks 2026 survey identifies geoeconomic confrontation as the top near-term global risk and reports that the United States and China are most closely watched for use of economic levers.

The World Economic Forum's Global Risks 2026 report, published ahead of this week's Davos meeting, highlights rising concern about the strategic use of economic tools between countries. The WEF says kinetic conflicts and the deployment of trade, finance and technology for strategic ends are contributing to fragmentation and strains on long-standing institutions. The findings are drawn from the Global Risks Perception Survey of about 1,300 experts conducted in August–September 2025. WEF officials expect the report's findings to inform discussions among leaders in Davos. Key findings: - Eighteen percent of survey participants named geoeconomic confrontation the top risk for 2026, and it rose from third place in the 2025 ranking. - For the two-year outlook through 2028, geoeconomic confrontation was also ranked highest and moved up eight places from last year's study. - Respondents said the United States and China are the most closely watched governments for using economic levers to advance geopolitical interests. - State-based armed conflict was the second-ranked risk at 14%, and respondents also highlighted risks such as extreme weather, societal polarization, misinformation, economic downturn and erosion of rights. Summary: The report signals growing concern that economic measures wielded for strategic advantage could have system-wide effects, including strain on supply chains and institutions. These findings are expected to shape conversations at the World Economic Forum gathering in Davos this week.