World Bank official says war-driven oil price hikes to slash growth for big importers

  • Economy
  • Wednesday, 09 Mar 2022

WASHINGTON: Persistent high oil prices prompted by Russia's invasion of Ukraine could cut a full percentage point off the growth off large oil-importing developing economies like China, Indonesia, South Africa and Turkey, a World Bank official said on Tuesday.

Indermit Gill, the bank's Vice President for Equitable Growth, Finance and Institutions, said in a blog posting that the war will deal further setbacks to growth for emerging markets already lagging in recovery from the COVID-19 pandemic and struggling with a range of uncertainties from debt to inflation.

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World Bank , oil , Indermit Gil , Russia , Ukraine


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