In its latest Global Economic Prospects report, published on Thursday, the Washington-based institution cut its global growth forecast for 2026 to 2.5 percent from the 2.9 percent it had predicted in January, citing surging energy prices, rising inflation and higher borrowing costs. The World Bank estimates that Brent crude prices — the international oil benchmark — will average $94 a barrel this year, 36 percent above last year’s average. Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices.
Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent. However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent. Al Jazeera
The global oil price is like a barometer, and with a severe El Niño on the way global economies are likely to be under the weather for some time to come. The trump effect blows harder each passing day. Better get a bigger brolly if you're playing the S. markets.
Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent. However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent. Al Jazeera
The global oil price is like a barometer, and with a severe El Niño on the way global economies are likely to be under the weather for some time to come. The trump effect blows harder each passing day. Better get a bigger brolly if you're playing the S. markets.