The projection by the World Economic Forum (WEF) assumes a total loss of 7.1 million jobs, offset by a gain of 2 million new positions.

Europe's migrant crisis and devastating terror attacks will combine with the plunging oil price and China's economic slowdown to give the elite of the political and business worlds plenty to talk about when they gather in Davos from Tuesday.

Finance Minister Arun Jaitley will tomorrow embark on a six-day official visit to the UK and Switzerland during which he will also attend various deliberations at the World Economic Forum.