“These events have begun to increase the prospects for stagflation,” said WB expert Indermitt Gills.
He calls on countries to make every effort to boost domestic economic growth and to avoid measures that would be detrimental to the global economy.
The WB report says energy prices have risen sharply in the last two years since the 1973 oil crisis, when OPEC imposed an embargo.
The bank forecasts that the average price of Brent crude oil will be $ 100 a barrel this year, but the price of European natural gas will be twice as high as last year.
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