IMF chief Georgieva warns ‘everyone will feel the impact’ of energy price shock, as UK growth beats forecasts – as it happened

There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEA Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief Over in Washington DC, the International Monetary Fund is holding a debate on the global economy. IMF chief Kristalina Georgieva says the world economy is facing another, large, shock: double quotation markThe world economy has been, very resilient over the last few years, facing shock after the shock. And this resilience is tested yet again, this time by a shock that is large. Twenty percent of oil and gas is stuck in the Strait of Hormuz, depriving primarily Asia, but also Europe, and other parts of the world of a vital resource. It is global. Everybody feels the impact. Georgieva says the conflict is “very hard” on energy exporters, both on their people and their economy. But if you are an oil importer, “you feel the pain more”, she says. The countries most vulnerable to this shock are low income countries, Georgieva continues, saying those in the Pacific Islands may wonder “would a tanker ever come all the way to me at the end of this supply chain?” double quotation