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.
"It's too soon to tell the degree to which the conflict will alter the global economic outlook."
Some countries in the Middle East, Central Asia, Africa and Europe are heavily reliant on Russia and Ukraine for food, as the countries together make up more than 20% of global wheat exports.Gill said estimates from a forthcoming World Bank publication suggest that a 10% oil price increase that persists for several years can cut growth in commodity-importing developing economies by a tenth of a percentage point.
"Before the war broke out, South Africa was expected to grow by about 2% annually in 2022 and 2023, Turkey by 2-3%, and China and Indonesia by 5%."Register now for FREE unlimited access to Reuters.comGlobal InvestorSign up
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