World heads for 'water bankruptcy', says Davos report

DAVOS, Switzerland (AFP) — The world is heading toward "water bankruptcy" as demand for the precious commodity outstrips even high population growth, a new report warned Friday.

In less than 20 years water scarcity could lose the equivalent of the entire grain crops of India and the United States, said the World Economic Forum report, which added that food demand is expected to sky-rocket in coming decades.

"The world simply cannot manage water in the future in the same way as in the past or the economic web will collapse," said the report.

Water has been consistently under-priced in many regions and has been wasted and overused, the report said.

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