Australian business leaders say economic downturn, inflation and shortages in energy, food and labour are their greatest fears over the next two years, according to a World Economic Forum survey.

The study, conducted in collaboration with Zurich and Marsh McLennan, also questioned business chiefs across the G20 bloc of nations, where concerns over economic slowdown, inflation and labour shortages are also prominent, along with poverty and inequality, and extreme weather.

“While we are witnessing some positive trends in the global economy, the findings of this year’s Executive Opinion Survey highlight a significant level of anxiety among business leaders in G20 countries,” Marsh McLennan chief commercial officer for Europe Carolina Klint said.

“The persistent threats of recessions, labour shortages, increased protectionism and elevated inflation are at the top of senior executives’ minds as we head towards 2025.

“Additionally, the emergence of extreme weather events and technological risks, including the implications of artificial intelligence and misinformation, complicate the landscape.”

Zurich group chief risk officer Peter Giger urges business leaders to act early to address risk.

“By proactively identifying and mitigating these diverse risks, businesses can build resilience and thrive in the face of uncertainty. Addressing these issues head-on will not only safeguard the operations but also position companies for sustainable success in the future.”