Business leaders, policymakers and academics are bracing for a bleak world plagued by intersecting crises as rising volatility and dwindling resilience increase the likelihood of painful simultaneous shocks.

In its annual risk survey, the World Economic Forum found that more than 80 percent of respondents expect either persistent crises over the next two years, leading to divergent trajectories for countries and regions at best, and catastrophic consequences at worst.

Global experts consider the cost-of-living crisis the most serious short-term risk, as high prices for basic necessities hit vulnerable households and increase the likelihood of civil unrest and protests.

Natural disasters and extreme weather events are seen as the next highest risk, followed by economic wars, failure to mitigate climate change and polarization of society.

Environmental problems dominate the 10-year time horizon. The top five long-term risks included failure to mitigate climate change, failure to adapt to climate change, natural disasters and extreme weather events, loss of biodiversity and ecosystem destruction, and massive refugee crises.

The survey, which comes before the annual meeting of the World Economic Forum in Davos, is based on responses from more than 1,200 experts in academia, business, government and civil society.