Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at"historically high" levels up to 2024, endangering economic growth, the World Bank warned today.
The shock - which is expected to push energy prices up 50% this year - is being aggravated by trade restrictions and rising prices for food, fuel and fertilisers. Echoing the call from other officials at the World Bank and International Monetary Fund in recent days, he urged governments to"take every opportunity to increase economic growth at home and avoid actions that will bring harm to the global economy."
Amid the war and Western sanctions on Moscow, the price of Brent crude is expected to average $100 a barrel this year, the highest since 2013, the report said.