The conflict in the Middle East has provided a true test of the resilience of the global economy
The conflict in the Middle East has disrupted global oil production and trade, causing a sharp surge in energy prices. The OECD projects global GDP growth at 2.9% in 2026, with energy exporters gaining from improved terms of trade, while importers face a squeeze on real incomes.
The Middle East conflict has disrupted global oil production and trade. Oil prices have surged over $100 a barrel. The conflict has affected nearly 20% of global oil production and 20% of the world's trade in liquefied natural gas. The OECD forecasts global GDP growth at 2.9% in 2026. Energy exporters will gain, while importers will face a squeeze on real incomes. The European Central Bank predicts similar growth and inflation rates.
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