Middle East war to cut growth, deliver cascading impact, World Bank chief says
This image was generated by AI and may not depict real events.
The war in the Middle East will have a cascading impact on the global economy, with potential growth reduction and increased inflation. World Bank president Ajay Banga estimates global growth could be lowered by 0.3 to 0.4 percentage point in a baseline scenario, with a higher impact if the conflict escalates.
The war in the Middle East is expected to impact the global economy. World Bank president Ajay Banga said the conflict could lower global growth and increase inflation. The war has already sent oil prices up by 50%. A ceasefire was announced, but its stability is uncertain. The World Bank is discussing crisis response measures with developing countries. The bank is cautioning countries to avoid setting up unaffordable energy subsidies.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.