PolyGeek

In its annual assessment of the outlook for the global economy, the WEF set the scene for its meeting in Davos later this month by warning that the “seeds of dystopia” were being sown.

The growing number of young people with little chance of finding a job, the increasing number of elderly people dependent on states deeply in debt and the expanding gap between rich and poor were all fuelling resentment worldwide, the forum said in its Global Risks 2012 report on Wednesday.

“For the first time in generations, many people no longer believe that their children will grow up to enjoy a higher standard of living than theirs,” said Lee Howell, the WEF managing director responsible for the report. “This new malaise is particularly acute in the industrialised countries that historically have been a source of great confidence and bold ideas.”

The survey of 469 global experts identified chronic problems with government finances and severe income inequality as the most prevalent risks over the next decade.