Biggest energy shock since 1970s: World Bank

In this photograph taken on April 8, 2022, an operation worker walks amidst the smoke at fertiliser giant Yara's plant in Le Havre, western France. (Photo: AFP)

Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at "historically high" levels through 2024, endangering economic growth, the World Bank warned Tuesday.

"This amounts to the largest commodity shock we've experienced since the 1970s," said Indermit Gill, the World Bank's vice president for equitable growth, finance and institutions.