World Bank Predicts Sharp Drop in Commodity Prices by 2026 Due to Oil Glut
The World Bank forecasts a sharp decline in commodity prices by 2026, with oil prices expected to drop by 7% due to an oil surplus and slow demand for traditional vehicles. The report projects a 23.14% average increase in global commodity prices from 2019 levels.
Food prices are also expected to decrease, while precious metals like gold are predicted to rise. Indermit Gill, the World Bank Group's chief economist, highlights the need for governments to strengthen fiscal discipline and for businesses to prepare for increased trade and investment opportunities.
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