FORECASTS are rarely perfect, but last year our predictions for global trends in business and society proved fairly accurate. As expected, extreme weather events revealed the immediate impacts of climate change. The growth rate of the global economy remained well below average. And the lingering effects of Covid-19 hit the poorest hardest.

Yet our forecast did not predict the most disruptive event of the year: Russia’s invasion of Ukraine, which sparked a series of new crises and exacerbated existing ones. The intersecting and compounding challenges of a warming planet, weakened economy, geopolitical conflicts and social instability ushered in problems of skyrocketing inflation, food insecurity, an energy crisis, a cost-of-living crisis and a potential global recession.

Volatility and uncertainty remain high this year, clouding our view as to what lies ahead. We recently conducted a survey to capture the Insead academic community’s perspective on the top threats facing businesses this year, and the greatest opportunities for businesses to act as a force for good.