Merriah Harkins, EVP, retail capital markets, GWG Holdings

During COVID-19 many mental health challenges emerged and became magnified, and we saw a major shift in how people want to work and live. While these factors will have a long-term impact on future corporate stability, economic growth and mental health across the world, the challenge of climate change pulls us all very closely together. Responding to the issues of global waste, pollution, severe weather, disruptions of food availability, illnesses spread by water, food and air, and related health issues will require every sector in every country to make near- and long-term transformational changes.

Jonathan Miller, president and CEO, Parsonex Capital Partners

Short-term threats to global economic growth are abundant: rising interest rates, inflation, over-taxation on job creators, ongoing trade wars, supply chain problems, pandemics, government excess, over regulation, and budget deficits.  However, billions of people will be joining the global middle class and need products, services and jobs from companies that create them. They will rent apartments, buy homes, use self-storage, consume energy and technology, and send their kids to college where they will need student housing. Disciplined investors should see short-term threats as the long-term opportunities they truly are.

Rizwan Ibrahim, director, due diligence and strategy, Accretive Wealth

The World Economic Forum’s Global Risks Report 2021 highlights climate change as “an existential threat to humanity.” Environmental concerns continue to be seen as “the most likely and most impactful long-term risks.” Disruption to physical infrastructure, breakdown of established supply chains/trading systems, and displacement/fragmentation of communities, caused by climate change, represents the gravest threat to global economic growth. If managed poorly, these disruptions will hamper the ability of policymakers and other leaders to act on any short- or long-term economic agenda. With the world more attuned to risk, due to the pandemic, there is an opportunity to leverage attention, and build back better economies and societies with people and the planet at the center of our efforts.

Jake Muehlschlegel, associate, products, Independent Financial Partners

The gravest threat to long-term global economic growth is world leaders discouraging investments in fossil fuels and attempting to transition to renewable energy too quickly. Per the EIA, the global energy supply must increase by 50 percent over the next 30 years, outpacing the projected increase in renewable energy, which is estimated to go from roughly 90 quadrillion Btu to 240 quadrillion Btu in the same time period. Furthermore, renewables will mostly only be replacing the use of coal. Policies that hinder the production capacity of oil will create global energy shortages and volatile energy prices, hurting global businesses and eroding household discretionary spending among other things.

Cole Gilliam Parks, president and managing member, Southwestern Asset Management

Government overreach paired with future policy uncertainty are two of the gravest threats to long-term global economic growth. Leadership teams of successful companies will always find a way to innovate and succeed in all economic conditions regardless of which political party has written the most recent set of policy changes. However, with the current political polarization of the United States and some of our G20 peers, there is an additional level of unnecessary complexity that everyone must navigate and adjust to following each election cycle. Building anything long-term will be incredibly challenging until we can find some good soil and common ground to share and strengthen our foundations.