US EditionWorld Bank: Middle East War to Trigger Biggest Energy Shock in Four Years
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17 Articles
World Bank: Middle East war to trigger biggest energy shock in four years
The World Bank Group (WBG) has warned that the war in the Middle East is set to trigger the biggest energy price surge in four years, fueling inflation, slowing economic growth, and worsening food insecurity across developing economies.In an April 28 statement, the Washington-based multilateral lender said energy prices are projected to surge 24 percent this year to their highest level since Russia’s invasion of Ukraine in 2022, as attacks on en…
The war in the Middle East will push energy costs this year to their highest level since Russia's aggression in Ukraine, while also reducing access to fertilizer, the World Bank has warned.
Washington, United States. The prices of raw materials such as oil, fertilizer, agricultural products or metals have risen by an average of 16% this year, the World Bank (WB) estimated Tuesday when pointing to the war in the Middle East and other factors as responsible. “The war strikes the world economy in successive waves,” stresses the Chief Economist of the World Bank, Indermit Gill, after the publication of the institution’s report on the r…
Middle East War to Spark Biggest Energy Price Surge in Four Years
Cover Image Attribute: Image by Vilius Kukanauskas from PixabayBy The World BankEnergy prices are projected to surge by 24% this year to their highest level since Russia’s invasion of Ukraine in 2022, as the war in the Middle East sends a severe shock through global commodity markets, according to the World Bank Group's latest Commodity Markets Outlook. Overall commodity prices are forecast to rise 16% in 2026, driven by soaring energy and ferti…
The rise in energy prices and other commodities that emerged as a result of the war in the Middle East can trigger a new global inflation shock that will lead central banks to raise rates, warned World Bank (WB) experts.
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