"Economic conflicts between major powers are the greatest risk facing the world over the next two years, according to experts polled ahead of next week's Davos summit. Among 1,300 business leaders, academics and civil society figures surveyed by the World Economic Forum (WEF), geoeconomic confrontation was identified as the most pressing threat. These clashes were cited by 18% of respondents. With war still raging in Ukraine, state-based armed conflict was the second most-common risk identified at 14%."
"There are also growing concerns about clashes over access to important economic resources. Finance ministers from the G7 met in Washington on Monday to discuss how to diversify the supply of the rare earth metals crucial to tech products, many of which China has control over. US treasury secretary Scott Bessent, who convened the meeting, warned that supply chains for these critical minerals had become highly concentrated and vulnerable to disruption and manipulation."
Experts polled by the World Economic Forum identified geoeconomic confrontation as the top near-term risk, cited by 18% of around 1,300 business leaders, academics and civil society figures. State-based armed conflict was second at 14% amid the war in Ukraine, while extreme weather ranked third at 8%. The year featured aggressive tariff policies, US military action in Venezuela tied to oil, and expanded use of economic sanctions including frozen Russian assets. G7 finance ministers discussed diversifying supplies of rare earth metals, with US treasury secretary Scott Bessent warning of highly concentrated, vulnerable supply chains. Over a ten-year horizon, climate-related risks dominate.
Read at www.theguardian.com
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