Leading economists from around the world have been meeting in Davos this week with two countries being notably absent – Russia and China

Amid a backdrop of fears about recession caused by coronavirus and the war in Ukraine, economic leaders have been gathering for the World Economic Forum.

It’s been two years since the world’s business and political elite have been allowed to attend the summit in person, due to COVID.

The reunion has been marred with warnings of “dire human consequences” of global slowdowns as the war in Ukraine exacerbates rising inflation. 

Central banks have been raising interest rates to try and dampen the rising cost of living but that’s now leading to a rise in global inflation.

Russia’s attack on Ukraine has also led to a severe disruption of key food supplies of wheat and sunflower oil.

The supply shock is expected to last into next year.