State-based armed conflict has emerged as the top immediate risk for 2025, reflecting heightened geopolitical tensions and fragmentation globally, the World Economic Forum said on Wednesday. Misinformation and disinformation lead short-term risks, while environmental risks dominate the 10-year horizon, led by extreme weather events, biodiversity loss and ecosystem collapse, the WEF said in its latest Global Risks Report. On the global political outlook over the next decade, the report said most global leaders expect a multipolar or fragmented order, where the Western-led global order is expected to continue its decline and alternative power centres are likely to strengthen in the form of China, India and the Gulf states. The report, now in its 20th edition, leverages insights from the Global Risks Perception Survey, which draws on the views of over 900 global leaders across business, government, academia and civil society. The report identifies and analyses the most pressing risks