There are growing fears that the ageing global demographic is set to create a future economic crisis as businesses leaders cite pensions and public health as the biggest concerns for the future.

The World Economic Forum has published its Executive Opinion Survey 2025, which found while G20 business leaders remain concerned about the potential impact of economic downturn and inflation in the near-term, the risks associated with insufficient public services and social protections, lack of economic opportunity and misinformation and disinformation are now also seen as significant threats.

The survey was conducted by the WEF and its strategic partners – Zurich Insurance Group (Zurich) and Marsh McLennan. Alison Martin, CEO EMEA & bank distribution, Zurich Insurance Group said the results are stark.

“This year’s survey makes it clear: critical areas like pensions and public health are no longer just government issues – they’re boardroom priorities. It is concerning to see that in Europe today, there are fewer than three working-age adults for every pensioner, and over a third of EU citizens aren’t saving enough for retirement,” she explained. “These gaps threaten both workforce wellbeing and broader social stability. The time to act is now, by joining forces across sectors, we can help empower people to build financial resilience and secure a brighter future for all.”

The annual survey revealed the top five risks over the next two years identified by more than 11,000 business leaders from 116 countries. Fears relating to an economic downturn continue to dominate concerns cited by G20 business leaders – leading the list overall for the third consecutive year – and claiming the top spot in six G20 economies, including the UK and US.

Andrew George, president, Marsh Specialty added: “With the rise of AI, the proliferation of misinformation and disinformation is enabling bad actors to operate more broadly. As such, the challenges posed by the rapid adoption of AI and associated cyber threats now top boardroom agendas. Also, while economic and geopolitical factors have deflected some of the focus on change commitments in the short-term, businesses must remain focused on their environmental objectives to mitigate the risks associated with the changing climate in the longer-term.”

For the first time, technological threats associated with misinformation and disinformation entered the top risks for G20 business leaders, in fifth place, the outlook revealed. This likely reflects fears that advances in AI are fuelling information warfare amid rising geopolitical tensions, influencing elections and global markets, and threatening critical infrastructure and cybersecurity.

Social risks associated with insufficient public services and social protections, and a lack of economic opportunity or unemployment were ranked in second and third place, reflecting growing concerns about social fragmentation. Inflation, which was cited as the third-most pressing risk in 2024, was ranked fourth this year. Extreme weather events, which were ranked as the fifth biggest risk by G20 leaders in 2024, did not feature in this year’s top five risks.

Peter Giger, group chief risk officer, Zurich Insurance Group added: “The greatest threat to resilience is distraction.

“Of course, it’s normal to focus our undivided attention on the most urgent risks of the day, whatever they may be, but in doing so we often take our eye off gathering secondary risks and structural vulnerabilities, which can then quietly worsen and lead to yet more problems.”

“The latest results from the World Economic Forum’s Executive Opinion Survey show that executives are now turning their attention beyond imminent economic risks to include advancing societal and technological concerns,” he continued. “Economic uncertainties remain top of mind across the G20. Although global growth has remained surprisingly resilient in the face of tariff uncertainties, the threat of an economic downturn is the top-ranked risk overall. Inflation also ranks highly, in fourth place.”

For the first time, technological threats associated with misinformation and disinformation entered the top risks for G20 business leaders, in fifth place, the outlook revealed.