IMF chief Georgieva warns ‘everyone will feel the impact’ of Iran war energy price shock – business live

Global energy crisis triggered by Middle East conflict threatens air travel and economic recovery, with Europe's jet fuel reserves critically low. | Contesto: cronaca

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• IMF chief Georgieva warns ‘everyone will feel the impact’ of Iran war energy price shock – business live

Contesto

The head of the International Energy Agency has issued a stark warning that flight cancellations will begin 'soon' if oil supplies disrupted by the Iran conflict are not restored in the coming weeks. This alert comes as Europe is reported to have only six weeks' supply of jet fuel remaining, a direct consequence of the war's stranglehold on energy markets. The crisis, which has sent global energy prices soaring, prompted International Monetary Fund Managing Director Kristalina Georgieva to state that 'everyone will feel the impact' of the resulting price shock. The immediate threat to aviation underscores the conflict's rapid transformation from a regional geopolitical event into a severe global economic disruption. The energy chief's statement reveals a supply chain pushed to its breaking point, with commercial air travel—a critical artery of global business and tourism—facing imminent paralysis. Airlines and airports are now forced to contemplate contingency plans for a scenario not seen in decades, where fuel, not demand, dictates flight schedules. Beyond the tarmac, the economic reverberations are already being felt. Andrew Hunter, associate director and senior economist at Moody's Analytics, warned that the United Kingdom's recent economic momentum is likely to be "short-lived" due to the war. He pointed to a 0.5% month-over-month jump in UK GDP in February, alongside upward revisions to January's data, as evidence of an economy gathering steam at the start of the year. "However, with those surveys weakening quite sharply in March as the Middle East conflict sent energy prices soaring, this upturn is likely to prove short lived," Hunter stated. This analysis frames a grim new reality: the nascent recovery from prior economic headwinds is being undercut by an external shock. The surge in energy costs acts as a tax on both consumers and businesses, squeezing disposable income, raising operating expenses, and fueling inflationary pressures. The warning from the IMF's Georgieva suggests this pain will be widespread, affecting economies at all stages of development and potentially forcing a recalibration of growth forecasts and monetary policy worldwide. The...

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Categoria: cronaca