Also at the forefront of the WEF's mind is AI. The institution recognizes the achievements in the area from Apple's Siri to Google's driverless cars, but what happens when the machines deviate from their initial design?
"Contrary to public perception and Hollywood screenplays, it does not seem likely that advanced AI will suddenly become conscious and malicious," WEF said, but warned on grey area that is accountability for when things go wrong with machines.
Giving the example of autonomous weapons that choose to fire without human intervention, the report questions who is accountable if it violates international law. Fully autonomous weapons have not yet been deployed, but rudimentary versions have been tested.
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And as if unemployment in parts of the global economy isn't bad enough, machines will take over our jobs leading to "structural unemployment" that "may be permanent", according to WEF, as economies struggle to absorb the unemployed. Around 47 percent of U.S. jobs could be lost to computers over the next two decades, according to a 2013 study published by Oxford University.
This pessimistic outlook has been countered by one AI expert, who believes that historical shifts in technology show that the modern economy will adapt, leaving time for people to take on other types of roles to help society.
"History suggests that where automation is available the market will reach out for it and the question is what new kinds of employment and work arise from that," Nigel Shadbolt, professor of artificial intelligence at the University of Southampton, told CNBC by phone.
"It is not that we will all end up flipping burgers but that more of us will have more time to do more work in different areas – social care, education. There are other ways of creating wealth."