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(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).
