Davos Boss Warns Refugee Crisis Could Be Precursor to Something Much Bigger
January 18, 2016 — 5:11 AM PST
As the crash in commodities prices spreads economic woe across the developing world, Europe could face a wave of migration that will eclipse today’s refugee crisis, says Klaus Schwab, executive chairman of the World Economic Forum.
“Look how many countries in Africa, for example, depend on the income from oil exports,” Schwab said in an interview ahead of the WEF’s 46th annual meeting, in the Swiss resort of Davos. “Now imagine 1 billion inhabitants, imagine they all move north.”
Whereas much of the discussion about commodities has focused on the economic and market impact, Schwab said he’s concerned that it will also spur “a substantial social breakdown.”
A billion African refugees won’t happen in the next few economic cycles, but it’s good that somebody fashionable has at least put the B-Word out there for contemplation.