IMF chief Georgieva warns ‘everyone will feel the impact’ of energy price shock, as UK growth beats forecasts – as it happened
Summary
The head of the International Monetary Fund (IMF), Kristalina Georgieva, said the global economy faces a major shock due to disruptions in oil and gas supplies caused by the conflict in the Middle East. She warned that this energy crisis will affect all countries, especially poorer ones, and urged caution against overly generous government support schemes. Meanwhile, the UK economy grew faster than expected before the conflict, but Europe faces a jet fuel shortage in the coming weeks.Key Facts
- About 20% of oil and gas supplies are stuck in the Strait of Hormuz due to the Middle East conflict.
- This disruption is impacting Asia, Europe, and other parts of the world by limiting access to crucial energy resources.
- Low-income countries, like Pacific Island nations, are the most vulnerable to the energy shock.
- IMF chief warned governments not to worsen the crisis with large, unsustainable financial aid.
- The UK’s economy grew by 0.5% in February, showing stronger momentum before the war’s impact.
- Europe has roughly six weeks of jet fuel left, risking flight cancellations if Middle East oil supplies do not return soon.
- The International Energy Agency’s head, Fatih Birol, warned of imminent flight disruptions due to fuel shortages.
- The Middle East conflict adds a new challenge to global economic recovery after recent shocks.
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