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Escalation around Ukraine, Israel, Taiwan may disrupt financial markets, WEF warns

The WEF analysts expect that the conflict in Ukraine "could sporadically alternate between intensifying and refreezing" over the next two years

GENEVA, January 11. /TASS/. The conflict in Ukraine may escalate further in the next two years, World Economic Forum (WEF) experts said in the Global Risks Report 2024.

"Escalation in three key hotspots - Ukraine, Israel and Taiwan - is possible, with high-stakes ramifications for the geopolitical order, global economy, and safety and security," the report reads.

The experts point out that these conflicts "directly involve powers reckoned to possess nuclear capabilities." Escalating tensions "would radically disrupt global supply chains, financial markets, security dynamics and political stability."

The WEF analysts expect that the conflict in Ukraine "could sporadically alternate between intensifying and refreezing" over the next two years. "Pro-Russian or neutral sentiment in Eastern and Central Europe could soften support from Ukraine’s European allies, while support in the United States could wane under domestic pressures, other international priorities, or under a new government," the report says.

An ambiguous attitude towards the Middle East conflict may negatively affect Kiev’s relations with the countries of the Global South. The WEF experts don’t rule out that the conflict in Ukraine could last years or even decades and "also expand to neighboring countries."

The WEF has been releasing its annual Global Risks reports for nearly 20 years. This year’s report brought together insights from 1,490 experts across academia, business, government, the international community and civil society. Responses for the report were collected from September 4 to October 9, 2023.

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