Leaders are increasingly worried about an economic downturn, inflation, and an asset bubble bust

• In today’s CEO Daily: Diane Brady reports on what leaders rank as their most urgent risks.
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Good morning. The World Economic Forum published its 2026 Global Risks Report this morning, ahead of its annual meeting in Davos, Switzerland next week. This annual survey of more than 1,300 global leaders and experts shows a fascinating divide in perceptions of short-term and longer-term risks. Most are anxious about physical conflict in the short term, ranking “geoeconomic confrontation” as the most pressing global risk over the next two years. Misinformation and disinformation came second, with societal polarization coming third. Collectively, economic risks showed the largest jump, with more concerns about an economic downturn, inflation and an asset bubble burst

When asked to rank the impact of global risks over the next decade, though, the physical environment came first, with extreme weather events, biodiversity loss and a “critical change to Earth systems” topping the list. The specter of adverse outcomes from AI technologies is seen as a longer-term threat. You can read the full report here.

Why does it matter? For one thing, this is not a public opinion poll but rather a survey of global elites: the political leaders, CEOs, and experts charged with shaping policy in their countries and setting strategy for their companies. Their job is to identify, prioritize, and deal with the risks of today and tomorrow. It’s also a global survey, which illustrates how perceived risks like climate change are playing out in different parts of the world.

WEF’s main value, in my view, is in creating a place for leaders with diverse backgrounds and points of view to learn from each other, to talk about the big problems and partner on the big opportunities. It can also be a place of more talking than listening, with too little focus on those who can’t afford to gather at a Swiss ski resort. But I’ve found it’s a place where leaders are often more reflective, relaxed and ready to debate. 

This year, Fortune will create even more opportunities to foster those discussions through expanded programming and coverage. I’ll be joined on the ground by a team that includes editor in chief Alyson Shontell, AI editor Jeremy Kahn, and Kamal Ahmed, executive editorial director for the U.K. and Europe. We’ll bring you dispatches and insights in CEO Daily all week, along with videos, vodcasts and articles. In addition to C-suite lunches, partner events and annual gatherings like Fortune’s Most Powerful Women reception and the Global Leadership dinner, we’re creating Fortune @USA House, a special afternoon program of newsmaker conversations and analysis at USA House, followed by a VIP reception on Jan. 21, when President Trump is expected to speak in Davos. 

Curious to know what global risks are on your radar and what you’d like to ask the leaders we meet next week.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com