Warning of global growth contractionIt is also clear that global economies are suffering from the toll of higher energy prices, impacting growth projections for the remainder of 2026. This represents a significant downgrade from December, when the OECD had projected growth of 1.2% in 2026 and 1.4% in 2027. Oil and fuel prices continue to riseBrent crude prices have surged sharply, reaching over USD 110 per barrel. An example of the consequences is that the Philippines has declared a State of Emergency due to soaring oil prices, as evidenced by fuel prices more than doubling in recent weeks. In an interview with the BBC, Larry Fink, who leads the world’s largest asset manager, said if Iran remained a threat and oil prices stayed high, it would have profound implications for the world economy.

Source: The Guardian March 30, 2026 15:02 UTC