Inflation crisis poses greatest near-term global threat, Davos survey warns
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.
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The World Economic Forum’s annual Global Risks Report highlights the cost of living crisis as the biggest short-term risk facing the world right now, with climate change as the biggest long-term threat.
The report, which has been published ahead of the Davos summit for the last 17 years, factors the views of 1,200 figures across the private and public sectors.
This year’s edition — produced with professional services firm Marsh McLennan and Zurich Insurance Group — said that Russia’s war in Ukraine and the Covid-19 pandemic had propelled the energy crisis, food scarcity and inflation as the most pressing global issues.
“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.
“So we see a return of some older risks that we felt we had made good progress in terms of solving, but are now very much back on the risk map.”
The impact of the cost of living crisis on vulnerable populations are “very difficult to accept,” Klint said.
“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 report says the world must collaborate more effectively on climate mitigation and adaptation over the next decade to avoid “ecological breakdown” and continued global warming.
It adds that governments will face “trade offs” in the coming years, as societal challenges, the environment and security risks compete for their attention.
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.
Cybercrime and migration also featured as long-term risks, though climate-related issues took the top four spots. The cost of living was absent from the list.
“I would interpret it as a bit of optimism that we’ll be able to navigate out of this stress that we’re in currently, which is the result of a compounding crisis,” Klint said. “It’s an effect of the Covid-19 pandemic, but also, of course, the impact of Russia-Ukraine, which has had a spillover effect on so many different areas.”
The World Economic Forum Davos summit begins on Jan. 16 with the tagline “cooperation in a fragmented world.”
Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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