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Cost-of-living crisis biggest global risk: Davos study

Inflation remains at sky-high levels after Ukraine war

11 January, 15:03
(ANSA-AFP) - LONDON, JAN 11 - The cost-of-living crisis is the biggest global risk over the next two years, the World Economic Forum warned Wednesday in a survey preceding its annual Davos meetings of global elites. The WEF report described the cost-of-living crisis as the "biggest short-term risk" between now and 2025, followed by natural disasters, extreme weather events and "geo-economic confrontation". Global inflation remains at sky-high levels after energy and food costs rocketed last year, largely owing to the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia. Supply constraints caused by the Covid pandemic have also contributed to decades-high prices for consumers. "Conflict and geo-economic tensions have triggered a series of deeply interconnected global risks," said the annual study ahead of next week's gathering in the Swiss Alpine village of Davos. "These include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing," it added. The report said such "crises risk undermining efforts to tackle longer-term risks, notably those related to climate change, biodiversity and investment in human capital". (ANSA-AFP).

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