The heads of the World Bank, International Monetary Fund (IMF), World Trade Organisation (WTO), and International Energy Agency (IEA) have warned that the ongoing conflict in the Middle East is creating significant disruptions to global energy supplies, food security, and economic activity.
The warning followed a meeting held in Washington, D.C., where the leaders assessed the economic consequences of the war and its impact on countries around the world.
In a joint statement signed by World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, WTO Director-General Dr. Ngozi Okonjo-Iweala, and IEA Executive Director Dr. Fatih Birol, the organisations noted that although the global economy remains relatively resilient, the effects of the conflict are being felt most severely by vulnerable nations.
According to the statement, rising fuel and fertiliser prices, growing economic uncertainty, and threats to employment and livelihoods are placing additional pressure on struggling economies. The agencies expressed particular concern over increasing fertiliser costs as many countries enter a critical planting season.
The leaders also highlighted the rapid depletion of global oil inventories caused by major supply disruptions through the Strait of Hormuz. They warned that if shipping activities fail to return to normal, fuel security and broader economic stability could face increasing risks, especially as demand rises during the Northern Hemisphere summer.
The multilateral institutions said they are closely monitoring developments in energy markets, fertiliser supply chains, and economic conditions while assessing government measures aimed at mitigating the impact of the conflict. They added that discussions focused on coordinating support for the most affected countries and exploring additional multilateral and bilateral responses.
The agencies stressed the need for continued vigilance and international cooperation to address emerging risks and reduce the economic fallout of the conflict.
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