The current turmoil in the global financial market could lead to a real economic crisis in the near future, Klaus Schwab, president of the World Economic Forum, warned yesterday in Beijing.

"We will not only have a financial crisis, but also a significant slowdown of the global economy," Schwab said.

The damage to a vast amount of wealth and the massive loss of people's confidence will eventually hit consumer patterns, which could lead to a real crisis, he said.