Energy supply, food scarcity and inflation concerns have roared back in 2023, according to an annual WEF report.
The World Economic Forum's annual Global Risks Report found the cost of living crisis and climate change are the biggest short and long-term global risks right now, respectively.
A customer hands over an Egyptian pound banknote for a purchase at Al-Monira food market in the Imbaba district of Giza, Egypt, in January 2023. Egypt is one of many countries where consumers are struggling with sharply higher prices, highlighted by the World Economic Forum as the greatest global risk in 2023.
"We're looking at something that feels new, but at the same time eerily familiar," Carolina Klint, risk management leader for Continental Europe at Marsh, told CNBC's Joumanna Bercetche. "Governments are now really working towards mitigating that impact, at the same time as they're trying to protect from spiralling inflation and servicing historically high debt loads."
The most-cited two-year term risks included natural disasters, geoeconomic confrontation, the erosion of social cohesion, widespread cybercrime, large-scale involuntary migration and natural resource crises, alongside climate change.
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