WASHINGTON, D.C.: Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at 'historically high' levels through 2024, endangering economic growth, the World Bank warned Tuesday.'This amounts to the largest commodity shock we've experienced since the 1970s,' said Indermit Gill, the World Bank's vice president for equitable growth, finance and institutions.
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.'The report said the increases in energy prices in the past two years have been the largest since the 1973 oil crisis when the OPEC group of oil-producing countries declared an embargo.