Wef Top Risks: Why Your Economic and Political Fears Could Get Worse in 2014

We haven't even reached the second month of the year and already the World Economic Forum has shown us how our fears of nuclear war, famines, financial system collapses, among many other things, could become a reality or get worse in 2014.

WEF's top global risks for 2014 list is worringly plentiful so IBTimes UK decided to take a look at some of the 'highlights'.

Economies Getting into More Debt

The developed world is on the path of a fragile recovery but Wef reminds us that our problems are not over yet.

The US and Japan, for example, are still wrestling with inordinate levels of debt.

The US has an official public debt of more than 100% of GDP while Japan's official debt is around 230% of GDP.

Army of Jobless and Underemployed to March On

You can forgive the young generation of today for being disillusioned as a number of countries around the world report that more than 50% of their youth remain without a job.

According to Wef, countries around the world, particularly in Europe is set to suffer the same ill fate as last year.

Meanwhile, for countries such as the UK, those who are lucky enough to have a job still face the growing risk of underemployment.

Water and Food Shortages

Food and water shortages will continue to hit countries around the world, say Wef.

The Wef's report said that some studies suggest that water scarcity could reduce grain production by as much as 30%.

Not only will the most vulnerable be hit harder, lack of supply but rising demand will hit household budgets as food bills will continue to rise.

Considering the UK has a 'cost of living crisis' - this will only spell out more bad news for Britons.

Prolific Natural Disasters

January presented long and lasting hangover of the Polar Vortex in the US while Britons in the UK faced flooding and extraordinarily windy and cold weather.

However, Wef warns that we have a great risk of further extreme weather conditions in 2014, so it's time to batten down the hatches.

Gulf Between Rich and Poor to Widen

The disparity between the rich and poor is set to widen further in 2014.

Tying into the growing raft of unemployed and underemployed workers, while those in jobs face frozen wage packets, Wef warns that the income disparity is only set to intensify over the next 12 months.

Cyber Crime

Cyber attacks hovers around top of Wef's list for top risks of 2014.

From hacking into personal data, to bringing down major financial institutions, anything is possible in cyber world.

Cyber crime already costs government billions of dollars a year.

Banking Collapses and Bailouts

Lehman Brothers collapsed in 2008 but over five years later and banking collapses still rank as one of the highest risks for 2014.

While regulators and politicians tussle over new rules and policies to safeguard the industry from another meltdown, the taxpayer could be at risk of bailing out more banks over the next year.

Blame Bitcoin

Wef says that the rise of the bitcoin and the possibility of other new modes of payment could create new risks as well as opportunities.

The boom in virtual currencies has led to increased risks of facilitating drug dealers, money launderers and others in illicit trade.