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World Bank: The war in Ukraine will cause the biggest price shock in 50 years

2022-04-27 21:12:26Biznes SHKRUAR NGA REDAKSIA VOX
World Bank: The war in Ukraine will cause the biggest price shock in 50 years
The war in Ukraine will cause the biggest price shock in 50 years

The World Bank has warned that the war in Ukraine will deal the biggest blow to the economy since the 1970s.

In a new report, the WB says the disruption of supplies caused by the conflict will lead to a huge rise in prices for goods, ranging from natural gas to wheat and cotton.

"Rising prices have begun to have far-reaching economic and humanitarian effects," Peter Nagle, co-author of the report, told the BBC.

Nagle said families around the world are feeling the cost of living crisis.

"We are particularly concerned about the poorer households as they spend more of their income on food and energy, so they are particularly vulnerable to this price increase," added the senior economist at the World Bank.

The World Bank report also states that energy prices are set to rise by 50%, thus increasing bills for households and businesses.

The biggest increase will be in the price of natural gas in Europe, which is expected to double in cost. Prices are projected to fall next year and in 2024, but even then they will remain 15% higher than last year.

Russia produces about 11 percent of the world's oil, but the report says "interruptions resulting from the war are expected to have a lasting negative effect" as sanctions mean the removal of foreign companies and reduced access to technology.

Russia currently supplies 40% of the EU gas and 27% of its oil, but European governments are trying to keep their countries independent of Russian supplies.

This has led to rising global prices creating more demand for supplies from other countries.


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