The 9 Biggest Risks To The Global Economy: WEF (PHOTOS)

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Countries going broke are the biggest risk to the world's economy.

Nations struggling with massive debts built up during the financial crisis are so weak, anything from organized crime to water shortages could topple them, according to the World Economic Forum's Global Risk Report.

"The world is probably more vulnerable to future shocks than it ever has been in the last half century," said WEF chief business officer Robert Greenhill, according to Reuters. "The response to the financial crisis has drained national treasuries and drained household incomes, but the underlying risks still remain."

The annual report looks at events which could cause instability within countries, and the differences in wealth that can spark conflict between nations. The report flagged bad leadership, and the big differences between developed and emerging economies as the two factors most likely to affect the 35 others.

The report comes two weeks before the World Economic Forum's annual meeting in the Swiss ski resort, Davos, which sees global business leaders, politicians and bankers meet to discuss the state of the world's economy. Sovereign debt defaults also topped the list of risks in last year's report, which coincided with the economic crisis intensifying in Greece.

Which is the biggest risk to the world economy? Check out the WEF's list below:

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