World Economic Forum chief warns rout will spur migration to Europe

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,” Mr Schwab said ahead of the WEF’s 46th annual meeting, in the Swiss resort of Davos.

“Now imagine 1bn inhabitants, imagine they all move north,” he said.