Geoeconomic confrontation and societal risks are the leading short-term global threats in 2026, the World Economic Forum (WEF) warned in its Global Risks Report 2026 released on Wednesday ahead of its annual meeting in Davos, Switzerland.

The report ranks geoeconomic confrontation as the top risk for 2026, followed by interstate conflict, extreme weather, societal polarization, and misinformation and disinformation. It also identifies geoeconomic confrontation as the most severe risk over the next two years.

"We have entered a new age of competition, and that competition is shaping every other global risk," said Saadia Zahidi, managing director of the WEF, at a press conference.

Economic risks showed the largest increase in the two-year outlook, with concerns over economic downturns, inflation, rising debt and potential asset bubbles intensifying amid geoeconomic tensions, the report said.

Environmental risks remain the most severe overall, led by extreme weather, biodiversity loss and critical changes to Earth systems. The report noted that three-quarters of respondents expect a turbulent environmental outlook.

Risks related to adverse outcomes of artificial intelligence rose sharply, climbing from 30th in the two-year horizon to fifth in the 10-year outlook, reflecting concerns over impacts on labor markets, society and security.

The 21st edition of the report draws on views from more than 1,300 experts, policymakers and industry leaders. The WEF's annual meeting will be held in Davos from January 19 to 23.