Thank you for reading the news about Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Food prices are projected to increase by another 14 percent in 2022, after hitting historic highs in 2021, said the International Monetary Fund.
In its latest World Economic Outlook, the international agency noted that the commodity markets in the Middle East and North Africa are being impacted by the Russia-Ukraine war inflation, with prices sharply rising.
In a blog published on the IMF website, its economists warned that “higher commodity prices, propelled upwards by war in Ukraine, will have a significant economic impact on the region.”
The IMF expects the regional inflation rate to remain high at 13.9 percent in 2022, a substantial increase from last year.
Following the Russian invasion, oil prices skyrocketed to $130 per barrel, and are expected to average $107 by 2022, up $38 from 2021, it added.
In its Regional Economic Outlook, the IMF had revised its forecast for growth in the MENA as a whole by 0.9 percentage points to 5 percent, but it said: “This reflects improved prospects for oil exporters helped by rising oil and gas prices.”
For oil-importing countries, the agency marked down its projections, “as higher commodity prices add to the challenges stemming from elevated inflation and debt, tightening global financial conditions, uneven vaccination progress, and underlying fragilities and conflict in some countries.”
These were the details of the news Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.