The World Economic Forum’s latest Global Risks Report identifies false and misleading information fueled by advanced artificial intelligence as the top risk to the global economy. The “Global Risks Report 2024” by the World Economic Forum was released on Wednesday. It has ranked the dangers associated with AI-generated misinformation and disinformation and its impact on social polarisation as more significant than those related to climate change, war, and economic weakness in the top 10 risks list for the next two years.

Experts, industry leaders, and policymakers were surveyed for this report, which highlights how technology advancements are exacerbating existing problems and creating new ones. The authors are particularly concerned about AI chatbots like ChatGPT, which can create sophisticated synthetic content that manipulates people regardless of their expertise.

The report emphasises the importance of addressing this issue, especially as several countries are heading toward elections in the coming years. The ability to leverage AI for deepfakes and large-scale misinformation campaigns could further polarise societies and undermine democratic processes.

“Artificial intelligence breakthroughs will radically disrupt the risk outlook for organisations with many struggling to react to threats arising from misinformation, disintermediation, and strategic miscalculation,” said Carolina Klint, a risk management leader at Marsh, whose parent company Marsh McLennan co-authored the report with Zurich Insurance Group. “It will take a relentless focus to build resilience at organisational, country, and international levels – and greater cooperation between the public and private sectors – to navigate this rapidly evolving risk landscape.”

AI also presents other concerns, such as facilitating cyberattacks by automating phishing attempts and creating advanced malware. Furthermore, AI can perpetuate biases by poisoning data used to train other AI systems, making it extremely challenging to reverse the effects.

According to Klint, societies could become more divided as people struggle to verify information. False information could also be used to fuel doubts about the legitimacy of elected governments, leading to erosion of democratic processes and further societal division. Klint also highlighted the dangers of AI, which can make it easier for malicious actors to carry out cyberattacks, including automating phishing attempts or creating advanced malware. As per Klint, even those with limited expertise could use AI to carry out attacks.

These findings will be discussed at the upcoming Davos meetings, where technology company leaders and AI industry players will be present.