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Experts estimate global economic losses due to the escalation of the situation in the Red Sea In this case, global economic growth would slow by 0.4 percentage points compared to the baseline scenario to 2.4% in 2024. Eurozone GDP dynamics will slow to 0.4%, the US economy will grow by only 1.7%. At the same time, the Middle East economy will shrink by 0.6% instead of growing by 1.6% in the base scenario. Oil and natural gas prices will rise by 40%, global trade growth will decline to 0.8% from 1.6% in the baseline scenario, transportation and insurance prices will continue to rise, and inflation will accelerate. The US and Europe will have to keep interest rates high for much longer. Prices will accelerate: inflation in developed economies will be 3%, in developing economies – 8.1%. Source link Message Experts estimate global economic losses due to the escalation of the situation in the Red Sea appeared first on Russia today. Source link