The European Bank for Reconstruction and Development (EBRD) said on Thursday that it is likely to revise down its growth forecasts for some emerging markets by up to 0.4 percentage points in its next economic report, due in June, if high energy prices persist. The bank noted that the economic impact will depend on the duration of the Middle East war and the extent of the damage to energy infrastructure. Oil prices have risen significantly since the United States and Israel began strikes on Iran, which in turn responded by closing the vital Strait of Hormuz almost entirely. The bank clarified that Lebanon, Jordan, Iraq, Egypt, Ukraine, Mongolia, Senegal, Tunisia, Moldova, Kenya, Turkey, and Macedonia could be among the affected countries.
