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World

24 May 2022

Multiple Threats to the Global Economy Top Agenda in WEF

The Index Today

World Economic Forum (WEF) top worries on the multiple threats to the global economy. The gathering was held in Davos, Switzerland. Business and government leaders worry of a worldwide recession.

The WEF gathering meet against a backdrop of inflation at its highest level in a generation in major economies including the Britain, Europe and United States.

This rising inflation affected consumer confidence and shaken the world's financial markets, prompting the major central banks including the U.S. Federal Reserve to raise interest rates.

In addition, the consequence on oil and food markets of Russia's invasion of Ukraine in February and COVID-19 lockdowns in China with no clear end; have added threat in the global economy.

German Vice Chancellor Robert Habeck said, "We have at least four crises, which are interwoven. We have high inflation... we have an energy crisis... we have food poverty, and we have a climate crisis. And we can't solve the problems if we concentrate on only one of the crises."

©Photo: The New York Times

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