World Economic Forum's survey reveals business leaders top concerns

According to the latest Executive Opinion Survey conducted by the World Economic Forum, business leaders across the majority of G20 countries remain deeply concerned about the looming threats of recessions, labor shortages, and rising inflation. The survey, which gathered insights from around 11,000 business leaders from 121 countries, aimed to understand the top risks perceived by executives. In a recent interview with Spiros Fatouros, CEO of Marsh McLennan, CNBC Africa delved into the key findings from the survey and the implications for the global business landscape. The survey highlighted a notable trend where economic threats continue to overshadow climate and cyber risks, with concerns around inflation, labor shortages, and economic downturn ranking high on the list of worries for business leaders. Cyber and artificial intelligence risks were noted to have risen in prominence in recent years, reflecting the evolving nature of global challenges. Fatouros emphasized the importance of understanding the interconnectedness of risks and how geopolitical instability can impact economic factors. Despite geopolitical concerns not ranking in the top five risks, Fatouros underscored the underlying influence it can have on other risk factors. When discussing the variation in concerns based on different income levels and country profiles, Fatouros noted that while there are distinctions, there is also a common alignment in the themes across regions. The top five risks identified globally included economic downturn, inflation, labor shortages, poverty, and equality, and climate change. Notably, geopolitical tensions were not among the top concerns, indicating a shift in the perceived priorities of business leaders. Looking ahead to 2025, Fatouros expressed a sense of optimism citing positive trends in the global economy. However, the lingering concerns around inflation and political instability underscore the need for a robust and adaptable strategy to navigate the threats posed by recession and protectionism. Fatouros highlighted the importance of public-private partnerships in addressing these challenges, particularly in the context of South Africa. He pointed to initiatives like Business for South Africa and Business Unity South Africa as examples of successful collaborations between government and private enterprises to tackle shared risks. The survey also provided insight into the specific concerns of South African executives, with energy supply shortages, unemployment, water supply challenges, poverty, and economic downturn ranking high on the list of risks. The absence of cyber risks in the top five for South Africa highlighted a notable divergence from global trends, signaling unique risk perceptions in the region. As the country navigates through challenges and leverages the post-election optimism, the test for sustainability lies in concrete actions and tangible outcomes. Fatouros emphasized the importance of translating positivity and willingness to engage in public-private partnerships into impactful solutions for the country's challenges. With a focus on collaboration and shared responsibility, businesses are poised to drive meaningful change and contribute to a more resilient and sustainable future.