The World Economic Forum is warning of a potent mix of growing global risks in its annual report, saying that inflation and energy shortages could lead to humanitarian crises.

The forum surveyed more than 1,200 leaders from governments, businesses and academia for the report.

It says the conflict in Ukraine has created food and energy shortages and triggered "problems that decades of progress had sought to solve."

The report says that the soaring cost of living could bring wider humanitarian crises within two years.

The WEF also warns of dire environmental consequences in the long run unless there are significant policy changes.

The report calls for urgent global action to address the simmering near and long term challenges.

The World Economic Forum will discuss the risks it has laid out at its annual meeting in Davos, Switzerland, from next Monday.