The heads of the International Energy Agency, the International Monetary Fund, the World Bank Group, and the World Trade Organisation have called for sustained global cooperation to address the economic, energy, and trade impacts of the war in the Middle East.
The institutions made the call in a joint statement on Wednesday following a Tuesday meeting of their high-level coordination group.
The group, established in April, aims to strengthen coordination in responding to the energy, trade, and economic impacts of the war in the Middle East.
“We met to take stock of energy, trade, and economic developments, to discuss the situation in vulnerable countries, and to further coordinate our support to those in need.
“The global economy has been broadly resilient to the shock from the war in the Middle East, even as some economies have experienced a slowdown in growth and an uptick in inflation.
“Overall, the impact has been highly uneven, affecting energy supplies, food security, various commodities, and economic activity across many countries and regions and creating deeper concerns about growth and price stability,” stated the group.
The organisations expressed concern over the implications for global growth and price stability and called for renewed efforts to resolve the conflict and reopen the Strait of Hormuz.
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They observed that fuel and fertiliser prices had declined since their previous meeting in June, but cautioned that uncertainty remained high and the impacts of the war could linger.
“Energy markets and transit of goods are still facing strains,” they said.
The institutions urged governments and the international community to remain vigilant and work collectively to safeguard freedom of navigation in the Strait of Hormuz and other critical maritime routes.
They also called for measures to support recovery, protect jobs and livelihoods, strengthen energy and food security, improve port infrastructure, facilitate trade and build resilience against future shocks.
They reaffirmed their commitment to continued collaboration and close monitoring of global energy, trade and economic developments.
“We will strengthen our readiness to act further if needed and will continue adapting our support to countries as the situation evolves. This includes helping them build greater energy, food, trade, and economic resilience,” they said.