The Managing Director of the International Monetary Fund, Kristalina Georgieva, issued a warning on Monday over the potential for inflation caused by the crisis in the Middle East. She stated that if the increase in oil prices remained at a level of 10 percent during the majority of the year, it would lead to a forty-basis-point acceleration in global inflation.
While addressing at a conference that was held by Japan’s Ministry of Finance, Georgieva stated that the new conflict in the Middle East is putting the resilience of the people there to the test once more. My recommendation to policymakers in this new global environment is to consider the unimaginable and make preparations for it,” she stated.
We are having resilience stretched again by the latest crisis in the Middle East Middle East conflict, suggesting a 10 percent spike in oil prices, if persistent through most of the year, could end in a 40-basis-point hike in the worldwide inflation rate.
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