Even after regular shipping flow through the Strait of Hormuz is restored, it will take time for the global supply of essential goods to return to pre-conflict levels.
“Elchi” reports that this was emphasized in a statement following the meeting held on April 13 between the heads of the International Energy Agency (IEA), the International Monetary Fund (IMF), and the World Bank Group (WBG).
The statement, which noted that shipping through the Strait of Hormuz has not yet normalized, predicted that fuel and fertilizer prices could remain high for a long time due to infrastructure damage.
“Even after regular shipping flow through the Strait is restored, it will take time for the global supply of essential goods to return to pre-conflict levels. Due to supply disruptions, shortages of key resources are expected to impact energy, food, and other industrial sectors,” the statement noted.
It was also emphasized that the situation of countries most affected by the current circumstances, as well as the institutions’ response measures, were discussed:
“Our teams are also working closely at the country level to leverage our respective expertise and assist countries through coordinated policy advice, and financial support from the IMF and World Bank where needed.”
Previously, on April 8, a meeting took place between the heads of the IMF, WBG, and the World Food Programme (WFP), where the impacts of the war in the Middle East on the global economy and food security were discussed.