Risk managers expect a prolonged global recession as a result of the COVID-19 pandemic, according to a report from the World Economic Forum.

Two-thirds of the 347 survey participants put a lengthy contraction in the global economy at the top of the list of concerns for the next 18 months, Reuters reported.

Half of the respondents expected bankruptcies and consolidation of industries, the inability of industries to recover, and high unemployment, especially among young people.

“The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past,” said Saadia Zahidi, managing director of the World Economic Forum.

The report says there is a risk of abandoning environmental goals as a result of the pandemic, but governments should try to achieve a green recovery. 

“We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive,” Zahidi said.

The report was compiled by the World Economic Forum’s Global Risks Advisory Board together with Marsh & McLennan Companies Inc and Zurich Insurance Group.