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The World Bank on Thursday lowered its outlook for oil and metals prices due to the economic impact of the coronavirus pandemic, saying turbulence in commodity markets could hit developing countries hard
.
The World Bank said it expects crude oil prices to average $35 a barrel this year, down 43 percent from the 2019 average, marking a sharp downward revision
to its October forecast.
"The downward revision of price forecasts reflects a historically large decline
in demand," the World Bank said in a press release.
In addition, overproduction in OPEC and other major oil producing countries in the world has exacerbated the price decline
.
”
At the same time, metal prices have fallen 13%
overall this year.
However, gold, a traditional safe-haven investment, is expected to rise by almost 15%.
The impact of the health crisis on agricultural prices is expected to be modest, but supply chain disruptions could increase food security risks
in some places, the World Bank added.
Makhtar Diop, World Bank Vice President for Infrastructure, said in a press release: "The large shock to commodity markets and low oil prices could be a serious setback
for developing economies.
”
The group recommended that governments around the world reform energy subsidy programs to free up funds for the coronavirus emergency response and that tariffs or other protectionist measures be used to protect domestic industries
.
The World Bank on Thursday lowered its outlook for oil and metals prices due to the economic impact of the coronavirus pandemic, saying turbulence in commodity markets could hit developing countries hard
.
The World Bank said it expects crude oil prices to average $35 a barrel this year, down 43 percent from the 2019 average, marking a sharp downward revision
to its October forecast.
"The downward revision of price forecasts reflects a historically large decline
in demand," the World Bank said in a press release.
In addition, overproduction in OPEC and other major oil producing countries in the world has exacerbated the price decline
.
”
At the same time, metal prices have fallen 13%
overall this year.
However, gold, a traditional safe-haven investment, is expected to rise by almost 15%.
The impact of the health crisis on agricultural prices is expected to be modest, but supply chain disruptions could increase food security risks
in some places, the World Bank added.
Makhtar Diop, World Bank Vice President for Infrastructure, said in a press release: "The large shock to commodity markets and low oil prices could be a serious setback
for developing economies.
”
The group recommended that governments around the world reform energy subsidy programs to free up funds for the coronavirus emergency response and that tariffs or other protectionist measures be used to protect domestic industries
.
