Economic downturn, labor shortages and inflation top the list of concerns for business leaders globally, according to the World Economic Forum’s 2024 Executive Opinion Survey, released by strategic partners Marsh McLennan and Zurich Insurance Group.

Poverty and inequality ranked fourth on the top near-term risks list, while extreme weather events took the No. 5 spot, following a year in which many G20 countries – including Brazil, Germany, Indonesia and the U.S. – experienced severe flooding, above-average rainfall, wildfires, extreme heat or elevated hurricane activity.

The annual survey, which collected over 11,000 responses from executives across 121 economies, also revealed growing concerns around technological risks, including adverse outcomes of artificial intelligence such as misinformation and disinformation. It was ranked as the No. 1 risk for doing business in Indonesia, the No. 3 risk for the U.S. an took the No. 4 spot for doing business in the UK.

Among U.S. business leaders, the top five near-term risks were:

1. Economic downturn
2. Inflation
3. Adverse outcomes of AI technologies
4. Food supply shortage
5. Extreme weather

“It’s no surprise that economic uncertainty and inflation are at the forefront of concerns for U.S. business leaders given the tensions and concerns we are seeing both domestically related to potential tariff regimes as well as ongoing geopolitical unrest,” said Reid Sawyer, head of emerging risks group and U.S. cyber risk consulting for Marsh, in a statement.

“Together, the top five risks—ranging from economic downturn to food scarcity—underscore a deeper sense of general uncertainty on multiple fronts. This interconnectedness is particularly alarming, as any one of these risks has the potential to trigger another, creating a complex web of challenges that businesses must navigate,” he added.

“As businesses navigate an increasingly complex risk landscape, it is essential to broaden the focus beyond economic risks,” said Peter Giger, group chief risk officer for Zurich Insurance Group. He noted that “2024 is on track to be the warmest year on record, and so the escalating impacts of climate change must not be ignored. The rapid advancement of emerging technologies will help to overcome the growing challenges, but they also pose new threats. By proactively identifying and mitigating these diverse risks, businesses can build resilience and thrive in the face of uncertainty.”