The cost of living crisis, the greatest global risk, according to a survey by the Davos Forum

The biggest challenges of the next two years will be Ukraine’s war-spurred skyrocketing cost of living and the economic reopening after the pandemic, according to a survey by the World Economic Forum (WEF) which meets every year in Davos (Switzerland).

The cost of living crisis pushes millions of people into the extreme poverty and fuels social tensions in many regions of the planet.

For respondents, it poses a greater risk than natural disasters, extreme weather events and conflicts.

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“Geoeconomic tensions and conflicts unleashed a series of deeply interconnected global risks,” indicates a statement presenting the Global Risks 2023 report, a survey conducted among 1,200 experts and policy makers.

Those risks include “pressures on energy and food supplies, which are expected to persist for the next two years, and sharp increases from the cost of living crisis and the cost of debt” due to rising energy prices. energy and interest rates.

Price increases “undermine efforts to deal with other long-term threats, primarily the climate change” and the loss of biodiversity, says the statement, published before the start of the main annual meeting of the WEF, which will be held in the Swiss ski resort of Davos from January 16 to 20.

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The report, produced in collaboration with insurance and risk management consultancy Marsh McLennan and insurer Zurich Insurance Group, calls for international cooperation in the face of “rapidly shrinking” opportunities.

“The global pandemic and the war in Europe have once again brought the energy, inflation, food and security crises to the fore,” states the statement, which refers to the risk of “societies polarized by disinformation and misinformation” and “geoeconomic wars.”