Robert Staiger, WTO Chief Economist spoke to CGTN Europe. He discussed the potential impact of increased energy prices due to the Ukraine conflict. The worst-case scenario includes higher food and fertilizer prices, affecting many countries, particularly net importers of oil and natural gas. Countries like India, Brazil, and Europe are more vulnerable, while exporters such as Russia and the U.S. could benefit economically. India and Brazil may also face fertilizer shortages, affecting food security. Iran's plan to charge transit fees for vessels passing through the Strait of Hormuz adds to the complexity.
