The Biggest energy shock for World
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today's Current Affairs topic is "Strategic ties between India and European Union"
Energy prices have soared up since the Russia started to invade on Ukraine. Along with other commodities, energy prices are likely to stay at "historically high" levels through 2024. World Bank warned that the situation is endangering for economic growth.
The amounts to the largest commodity shock has experienced by world since the 1970s.
The shock:
- It is anticipated to push energy prices up 50 percent this year which is being provoked by trade restrictions and rising prices for food, fuel and fertilizers.
- These exploitations have started to increase the specter of stagflation.
- Officials at the World Bank and International Monetary Fund urged governments to take every opportunity to enhance economic growth at home and deflect actions that will bring harm to the global economy.
- The increments in energy prices in the past two years have been the biggest since the 1973 oil crisis when the OPEC group of oil-producing countries declared an embargo.
Reason for high prices of energy:
- Amid the war and Western sanctions on Moscow, the price of Brent crude is carried to average $100 a barrel this year which is the highest since 2013.
- European natural gas prices would be double from the level in 2021 along with coal which also hitting record levels.
- Prices for grain have been experiencing high growth as Russia and Ukraine are large producers of it.
- The fertilizers have gone through the biggest price jumps since 2008.
- Wheat prices are touching an all-time high this year.
As per the World Bank report, non-energy commodity prices including agriculture and metals are estimated to jump 20% this year before easing. It will also remain above their five-year average, according to the World Bank.
Question & Answer:
Q1. Which institute/organisation released a report of warning toward energy shock?
Ans. World Bank
Q2. In which year world had experienced energy shock before?
Ans. 1970
Q3. What can be immediate major reason for the biggest energy shock in the world?
Ans. War between Russia-Ukraine
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