Executives are worried about risks arising from a macroeconomic downturn, according to Gartner’s latest Emerging Risks Report. The top five risks in Q3 are:

1. Macroeconomic downturn
2. Key material shortages
3. Energy price inflation
4. Critical infrastructure failure
5. Escalation of conflict in Europe

A macroeconomic downturn was first identified as a risk in Q1 of this year, and it is related to all of the other risks. Chris Matlock, VP with the Gartner Legal, Risk & Compliance practice, said in a press release: “Concerns about a macroeconomic downturn were persisting among executives through Q3 and the situation is not showing many signs of improvement. The interconnected nature of macroeconomic risks is notable, as all of the top risks can be seen as parts of the same macroeconomic downturn theme. Executives are increasingly worried about the knock-on effects of this uncertain environment, as evidenced by concerns about critical infrastructure failure, which has newly emerged as a top concern among executives.”

Matlock notes that leaders should be thinking about ways to not only mitigate these risks but also to find opportunities within them. For example, executives should be looking for energy alternatives as well as ways to adapt their supply chains to potential energy rationing.

“Executives’ responses to managing economic disruption is more important than the slowdown itself in many ways and facilitating a more complete understanding of these interrelated risks allows for taking the needed strategic bets at scale,” he said.