The global economy is at risk of stagflation with high rates of inflation, debt and interest rates at the same time as low growth. If the Russia-Ukraine conflict is prolonged, it will definitely further aggravate global shortages of energy and food, which will trigger a global economic crisis on a scale similar to that seen in 2008, former World Trade Organization (WTO) deputy director-general and former vice minister of commerce Yi Xiaozhun said on Friday.