A survey by UBS Asset Management indicates that central banks perceive persistent inflation and a sustained, uncontrolled rise in long-term bond yields as the most significant risks to the global economy.

The UBS survey of 30 central banks revealed approximately 82% of reserve managers cited these concerns.

The risk of further escalation in military conflicts was ranked as the second most pressing risk.

The risk of a trade war escalation, which was considered the top risk last year, has fallen to the sixth position this year.

The survey also found that market demand for gold and inflation-protected bonds remains robust.

However, 29% of participants viewed gold as the best-performing asset class over the next five years, a notable decrease from 67% in the 2025 survey.