Prolonged economic stagnation is biggest worry for Singapore's business leaders, WEF poll finds

"In this interconnected global economy, business hubs such as Singapore could likely continue to feel the prolonged impact of dampened consumer sentiment as a secondary effect of COVID-19 – locally, across ASEAN and globally – as countries take varying approaches to manage the spread of new variants," said Mr. Reginald Peacock, CEO, Zurich Singapore Branches and Head of Commercial Insurance, Zurich Asia.

Infectious diseases; asset bubble bursts in large economies; failure of cybersecurity measures and climate action failure were ranked the other top five concerns weighing on the minds of Singapore leaders in the Forum’s annual Global Risks Report 2022.

The report, published in partnership with Marsh McLennan, SK Group and Zurich Insurance Group, and academic advisers including the National University of Singapore, also ranks the biggest risks facing the world as judged by global risk experts and decision makers.

 

Globally, the report finds:

• Climate risks dominate the short and long-term global concerns as the world enters the third year of the pandemic.
• The top shorter-term global concerns include heightened cyber risks, societal divides, livelihood crises and mental health deterioration.
• Most experts believe a global economic recovery will be volatile and uneven over the next three years. Just 1 in 10 believe the global recovery will accelerate.

Access the full Report here.