strait of hormuz
Due to the ongoing war in the Middle East, fuel and fertilizer prices may remain high for a long time. The International Monetary Fund, World Bank and International Energy Agency (IEA) have warned that their prices may remain high in the coming times. All three global organizations said that this crisis is not only affecting the energy market, but the entire global economy. Food security, employment and tourism sectors are also being affected by this. He also said that the situation has become more uncertain due to disruption in oil supply and shipping routes.
The International Monetary Fund, the World Bank and the International Energy Agency have said that due to the ongoing war in the Middle East, fuel and fertilizer prices may remain high for a long time. The heads of these three institutions recently held a meeting, in which the global energy and economic situation was discussed.
impact on employment
The organizations said in their joint statement that due to the war, lakhs of people have been forced to leave their homes. It has also affected sectors like employment, travel and tourism. Its direct and deep impact is being seen on the economy of many countries. The statement said that this crisis has had the biggest impact on energy importing countries, especially poor and developing countries. The problem of food crisis and inflation may increase further due to increase in the prices of oil, gas and fertilizers.
It will take time for global supply to become normal
The three institutions also said that there has been a huge decline in export earnings to some oil and gas producing countries of the Middle East. Along with this, there are also obstacles in the maritime trade route, especially the Strait of Hormuz, due to which the supply system is being affected. He said that even if shipping returns to normal in the future, it will still take time for global supply to return to normal. Energy and fertilizer prices may remain high for a long time as infrastructure is damaged. The IMF, World Bank and IEA also said that they are continuously monitoring the situation and are working on policy advice and financial assistance to help affected countries. Their goal is to reinvigorate stability, growth and employment in the global economy.
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