Economic storm looming, leaders warn in Davos

STORY: Political and business leaders gathering for the annual World Economic Forum in Davos said the global economy faces a growing list of threats, with some warning of a worldwide recession.

Germany's economy minister and vice chancellor Robert Habeck detailed the issues, and said the world should brace for the fallout.

"I think we have at least four problems or crises right now that are all interwoven. We have high inflation in some of the countries in Europe, in the U.S. and a lot of other countries. We have an energy crisis, you must call it this way. We have food poverty, and we have the climate crisis. And we can't solve the problems if we're only concentrating on only one of the crises. But if none of the problems are solved, I'm really afraid that we are running into a global recession with a tremendous effect not only on climate protection and climate action, but of the global stability at all."

The International Monetary Fund last month cut its global growth outlook for the second time this year, citing the war in Ukraine and singling out inflation as a "clear and present danger" for many countries.

But key emerging markets, including China, India and Brazil, are still expected to see growth this year, according to the New Development Bank, even if that growth is at a slower pace than previously estimated.