International organizations jointly warn of the negative impact of Middle East conflict

robot
Abstract generation in progress
Golden Finance reported that on May 30, the International Energy Agency, the International Monetary Fund, the World Bank, and the World Trade Organization issued a joint statement on the 29th, warning that the fighting in the Middle East is causing substantial and highly asymmetric shocks to multiple areas, including global energy supplies, food security, and economic activity. The statement said that although the global economy still shows resilience, higher fuel and fertilizer prices driven by the fighting in the Middle East, greater uncertainty, and risks to employment and livelihoods are hitting the most vulnerable countries harder. As some countries enter the planting season, the increase in fertilizer prices is especially concerning. The statement emphasized the importance of closely monitoring fertilizer supply chains, energy and economic conditions, and policy responses. The statement also said that, due to a shipping “bottleneck” at the Strait of Hormuz, global oil inventories are falling at a record pace. If shipping cannot return to normal, global oil stocks will continue to drop rapidly before the peak summer demand in the Northern Hemisphere, posing growing risks to fuel security, market conditions, and economic resilience.
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned