World faces biggest energy shock since 1970s: World Bank
Energy prices have risen sharply since Russia’s invasion of Ukraine, and are expected to continue at “historically high” levels until 2024, harming economic growth, according to the World Bank.
“This amounts to the largest commodity shock we’ve experienced since the 1970s,” said Indermit Gill, the World Bank’s vice president for equitable growth, finance, and institutions.
Trade restrictions and rising food, fuel, and fertilizer prices are exacerbating the shock, which is predicted to push energy prices up by 50% this year.
