A “macroeconomic downturn” topped the list of concerns for executives for the second quarter in a row, according to the “Emerging Risk Report” released today by Gartner Inc.

The survey took place in the third quarter and included 333 senior executives and risk management professionals.

“Concerns about a macroeconomic downturn were persisting among executives through Q3, and the situation is not showing many signs of improvement,” said Chris Matlock, VP with the Gartner Legal, Risk & Compliance practice.

The top five emerging risks according to the executives are:

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

“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,” Matlock said. “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.”

Organizations in Europe are particularly vulnerable as they face energy rationing and the potential for ongoing industrial disruptions that could further limit inputs of key materials, according to Gartner.