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IMF Blames Russia for Global Economic Woes

IMF Blames Russia for Global Economic Woes

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Industry Segment: Production | Word Count: 976 Words

April 21, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Inflationary pressures stemming from the economic recovery during the post-vaccination stage of the pandemic were already threatening the potential for further growth. Russia's decision to invade Ukraine means that threat is now a fundamental reality, the International Monetary Fund (IMF) stated.

Crude oil prices were accelerating last year on the back of a range of factors, from labor shortages and global supply-chain bottlenecks to resurgent demand. The price for Brent crude oil, the global benchmark, spent much of last year in the mid-$70 range. But by the time an $80 floor was established during the fourth quarter, jitters about runaway inflation were apparent enough for policymakers to change gears and decide pressures were no longer transitory.

Companies featured: Shell plc (NYSE:SHEL)

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