High Oil Prices Threaten The Global Economic Recovery

Since oil prices exceeded $70 per barrel earlier this year, analysts, economists, and central banks have been fretting about whether higher crude prices could disrupt the momentum in global economic recovery from the pandemic.  Most experts argue that inflationary pressure is no doubt rising in developing economies, which are more sensitive than developed markets to rising oil prices. Fuel and food prices generally account for more consumer spending in emerging economies, so they hurt them more than mature markets when oil prices rise. Inflation…