By HeapNews
The heads of the International Energy Agency, International Monetary Fund and World Bank Group on Tuesday warned that the war in the Middle East is triggering far-reaching and uneven economic shocks, with low-income, energy-importing countries among the hardest hit.
In a joint statement following a coordination meeting, the three institutions said the conflict had driven up oil, gas and fertilizer prices, raising concerns over food security and job losses worldwide.
“The impact of the war is substantial, global, and highly asymmetric,” the organizations said, noting that while import-dependent economies face rising costs, some energy exporters in the region have seen sharp declines in revenue.
They added that uncertainty remains high, with shipping through the Strait of Hormuz yet to fully normalize. Even if flows resume, restoring global supplies of key commodities to pre-conflict levels will take time, they said, warning that fuel and fertilizer prices could remain elevated due to infrastructure damage.
Supply disruptions are also expected to ripple across industries, affecting energy, agriculture and manufacturing. The conflict has displaced people, disrupted jobs and weighed on travel and tourism, impacts that could persist in the medium term.
The agencies said they had exchanged updated assessments ahead of key reports due this week, including the IEA’s Oil Market Report and the IMF’s World Economic Outlook.
They added that staff were working closely at both global and country levels to support affected nations, combining policy advice with financial assistance where needed.
“We will continue to monitor closely and coordinate our response… to lay the foundations for a resilient recovery that delivers stability, growth and jobs,” the statement said.