Thousands of scrapped taxis are pictured at a yard in the center of China's Chongqing city on March 4. Traffic congestion and pollution have worsened dramatically in Chinese cities as the country's long-running economic expansion has allowed increasing numbers of consumers to make big-ticket purchases such as cars. China may surpass the US this year to become the largest car market in the world. AFP/Newscom
The global economy is entering phase of heightened vulnerability to digital disruption – a threat likened to the US mortgage crisis, which was largely hidden until its dramatic collapse in 2008, a new report warns.