Global Economic Rivalries Eclipse Pandemic as Top Risk Factor
Geopolitical tensions have displaced pandemics as the dominant global risk, according to the World Economic Forum's 2023 Global Risks Report. The survey of 1,200 experts reveals 93% anticipate intensified great-power competition disrupting markets through 2026.
Economic warfare tactics—including targeted sanctions, commodity hoarding, and payment system weaponization—now threaten to unwind three decades of globalization. Marsh McLennan CEO John Doyle characterizes the environment as a 'polycrisis' where financial instability, climate disasters, and tech disruption compound geopolitical friction.
Emerging markets face particular vulnerability as reserve currency fragmentation accelerates. The report notes 34 countries currently facing debt distress while dollar liquidity tightens—conditions that may drive increased cryptocurrency adoption as a hedge against monetary regime uncertainty.
