March 9, 2022
WASHINGTON (Reuters) – 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.
“The war has aggravated those uncertainties in ways that will reverberate across the world, harming the most vulnerable people in the most fragile places,” Gill…
