The Washington PostThe Washington Post

Oil price shock jolts global recovery as economic impact of Russia’s invasion spreads

By David J. Lynch

11 Mar 2022 · 6 min read

The highest oil prices since the 2008 financial crisis are dealing a heavy blow to the global economy, slowing Europe’s pandemic recovery to a near stall and complicating the fight against inflation in the United States.

China, the world’s largest oil importer, will probably strain to reach this year’s economic growth target while developing countries in North Africa and the Middle East confront the danger of social unrest over rising energy and food costs, economists said.

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