A person shopping at a supermarket (Photo: Xinhua/VNA)

The cost-of-living crisis will likely last until 2025, followed by natural disasters, extreme weather events, and geo-economic confrontation, the report states.

Saadia Zahidi, managing director at the WEF, said the short-term risk landscape is dominated by energy, food, public debt, and disasters. Those who were already  vulnerable are now suffering and, in the face of multiple crises, the number of newly vulnerable people is rapidly expanding in both rich and poor countries.

Global inflation remains at a high level, driven mainly by rising energy and food costs attributable to the conflict between Russia and Ukraine, two major suppliers of food and energy, and supply chain disruptions caused by the COVID-19 pandemic.