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Oil pumping machine in operation and digital screen with world map and financial chart graphs and indicators.
Oil pumping machine in operation and digital screen with world map and financial chart graphs and indicators.

Conflict in Middle East Could Bring ‘Dual Shock’ to Global Commodity Markets

Although the global economy is in a much better position than it was in the 1970s to cope with a major oil-price shock, an escalation of the latest conflict in the Middle East could push global commodity markets into uncharted waters, according to the World Bank’s latest Commodity Markets Outlook.


Online Media Briefing Center (OMBC) news for accredited journalists


Thinking farmer with digital tablet checking sustainable farming growth, progress or preparing farm export order on tech.
Nov 29, 2023

Digital technologies are transforming the way the world works and addresses climate change, from cutting emission across industries, to facilitating greener transport networks and mitigating impacts with early warning systems. A World Bank report underscores how digital tools can boost sustainability across industries but must also reduce their own carbon footprint.

Anna Bjerde at APEC
Nov 15, 2023

Rapid economic growth in developing APEC economies, especially in East Asia, has propelled unparalleled poverty reduction over the past decades. Since 1990, the number of people living in extreme poverty was reduced by over 1.3 billion. More than three quarters of those escaping extreme poverty were in the East Asia Pacific region.

MDB collaboration.Oct 2023
Oct 13, 2023

The World Bank is bolstering its collaboration with nine Multilateral Development Banks (MDBs) to fast-track solutions that can change the lives of people in developing countries.

World Bank President Ajay Banga
Oct 13, 2023

The world is fraught with profound forces and rapid changes. We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, and are feeling the effects of conflicts beyond the front.

Photo: World Bank
Nov 13, 2023

Domestic food price inflation remains high. Inflation higher than 5% is experienced in 52.4% of low-income countries, 88.6% of lower-middle-income countries, and 61% of upper-middle-income countries and many experiencing double-digit inflation.

2023 World Bank-IMF Annual Meetings
Oct 16, 2023

Unprecedented challenges demand urgent action and innovative solutions. The World Bank’s new vision and playbook for development were unveiled at last week’s Annual Meetings in Marrakech.

Annual meeting 2023 Marrakech
Oct 09, 2023

Morocco and the World Bank have partnered on landmark initiatives, including: Noor Solar, Africa’s largest solar plant; rehabilitation of the Fez Medina - the World Bank’s first cultural heritage program; the National Human Development Initiative; Morocco’s first green bond; its first private equity fund, and much more.

WB Economic Update Regions
Oct 04, 2023

Latest regional economic updates including the latest growth forecasts for East Asia and the Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, and Sub-Saharan Africa.