Australian business leaders fear an economic downturn, labelling it the top threat facing the nation in the next two years, according to a major survey.

Disruption to a systemically important supply chain ranks second, according to the World Economic Forum research, followed by disruption to critical infrastructure, adverse outcomes from frontier technologies such as quantum computing, and a decline in health and wellbeing.

The global survey of 11,000 business executives across 116 economies was conducted in partnership with Zurich and Marsh McLennan.

Among G20 economies, economic downturn is the highest-rated risk, followed by insufficient public services and social protections; lack of economic opportunity or unemployment; inflation; and misinformation and disinformation.

Zurich Australia chief risk officer David Wainwright says the study “demonstrates the universality of some risks, such as those relating to economic downturn, as well as the nuanced considerations for each region.

“The findings also demonstrate a striking shift in the domains driving risk and shaping business decisions.

“While economic downturn has remained a consistent consideration, both globally and in Australia, concerns around technology and health have become increasingly dominant and the prominence of climate change and environmental risk perceptions have decreased.”

Zurich group chief risk officer Peter Giger says the “seismic” shift in technological capabilities is not going unnoticed.

“While concerns might sometimes be overstated, mis- and disinformation is a top five risk across G20 countries … And for the first time in a G20 country, business leaders in Australia identified adverse outcomes of frontier technologies as a top five risk.

“As risk leaders, we are always scanning the horizon, and right now the horizon looks pretty crowded.

“Social infrastructure is under pressure. AI innovation is outpacing regulation. And many countries are operating with little margin for error – politically or economically.”