Saudi Finance Minister Warns of Growing Risks to Global Economy
A customer walks past empty shelves at Heinen’s Fine Foods store, Thursday, Jan. 13, 2022, in Pepper Pike, Ohio
MOSCOW (Sputnik) — Wars, conflicts and supply chain disruptions are increasing humanitarian and economic costs and intensifying price pressure, Saudi Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee of the International Monetary Fund (IMF), said on Saturday. «Wars and conflicts are imposing a heavy humanitarian toll with significant economic cost and spillovers… Threat tensions and supply chain disruptions are increasing uncertainty and price pressures… These challenges are especially acute in low-income countries and fragile states,» Al-Jadaan said following the 54th meeting of the committee in Bangkok. The global economy has weathered a series of recent shocks better than expected, but its buffer of resilience has noticeably shrunk, so the global economy’s further ability to withstand new shocks is not guaranteed, the minister noted. Escalating conflicts, rising trade tensions, high levels of public debt and rising refinancing costs could increase economic and financial risks, the committee warned. Rapid technological change, demographic shifts and climate risks are putting additional pressure on the global economy, it noted.
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