Drawing on our many years of experience in forecasting global risks and trends at the U.S. Intelligence Community’s National Intelligence Council, where we were tasked with providing U.S. leaders with long-range analysis and insights, we have identified the top global risks in 2023 from a U.S. and global perspective. Our track record is pretty good based on the risks we identified for 2022. COVID variants were indeed a source of concern, particularly in China, holding down Chinese economic growth, as we also predicted. We forecasted a Russian invasion of Ukraine and oil prices reaching $100 a barrel, which occurred earlier this year, although energy prices have declined somewhat in the second half of 2022. Food shortages, economic crises, and growing debt problems among developing countries were all highlighted last year, as they are this year. Some economists anticipate the debt crisis may not be as widespread as we and others have projected, but low- and middle-income countries, such as Sri Lanka and Pakistan, are already facing this reality. Last year’s prediction about a shortfall in fighting climate change was borne out at the underwhelming COP27 gathering in Cairo, Egypt, in November; we assess this trend will continue in 2023. Finally, owing to the growing tensions surrounding Taiwan, as well as the U.S. embargo on the export of high-end semiconductor designs and equipment, Sino-U.S. differences will persist in 2023.
