Extreme weather events, an economic downturn and an energy supply shortage are viewed as the principal risks in the Philippines over the next two years, according to the World Economic Forum (WEF).

The top risk for the country during this time is extreme weather events, as per the findings of the Executive Opinion Survey (EOS) released in the WEF’s Global Risks Report 2024.

Carried out between April and August 2023, the EOS surveyed more than 11,000 people.

Respondents were asked to choose five out of 36 risks most likely to pose the largest threat to the Philippines over the coming two years.

According to the WEF report, respondents to the survey said the economic downturn was the second biggest threat to the Philippines in the next two years.

The government plans to reach between 6.5% and 7.5% growth this year, a revision from the previous 6.5% to 8% estimate, The Philippine Star reports.

Whereas last year, the government set a growth target of 6% to 7%.

In Q3 last year, economic growth in the Philippines stood at 5.9%, surpassing the 4.3% figure from Q2. Between January and September 2023, the economy registered 5.5% growth.

Other main risks for the country over the next two years were cited as energy supply shortage, inflation and infectious diseases.

The largest risks globally in the short term, according to the WEF report, are misinformation and disinformation.

“Emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors alike will leverage misinformation and disinformation to further widen societal and political divides,” the WEF stated.

Furthermore, extreme weather events are set to worsen over the coming decade, according to the WEF.

“An unstable global order characterized by polarizing narratives and insecurity, the worsening impacts of extreme weather and economic uncertainty are causing accelerating risks – including misinformation and disinformation – to propagate,” said WEF managing director Saadia Zahidi.

“World leaders must come together to address short-term crises as well as lay the groundwork for a more resilient, sustainable, inclusive future,” she added.