World Economic Forum surveys makes serious prediction over increased cost of living crisis

• Shubham
• 17 January, 2023

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By: Shubham Ghosh

The World Economic Forum’s (WEF) Global Risks Report 2023 has unveiled the results of its latest Global Risks Perception Survey (GRPS) and the report highlights the current crises — the risks that are likely to turn severe in the next decade and mid-term futures which explore how the ongoing and the upcoming crises together could lead to a ‘polycrises’ by 2030, Moneycontrol reported.

The WEF’s report predicts that a heightened cost-of-living dominates global risks over the next two years while climate action failures are set to dominate the next decade. According to it, the ‘cost-of-living crisis’ is the most severe global risk over the next two years, peaking in a short-term period.

The report also detailed that the ongoing war in Ukraine and the aftereffects of Covid-19 pandemic have caused a rapid normalisation of monetary policies and kicked off a low-growth, low-investment era.

The report also predicts that the governments and central banks could be under strong inflationary pressures over the next two years, mentioning a potential for a prolonged conflict in Ukraine, persistent bottlenecks from the pandemic which lingers on, and economic warfare triggering supply-chain decoupling, the Moneycontrol report added.