World Bank Warns of Energy Price Surge if Mideast War Spreads The World Bank has raised concerns about a potential surge in energy prices if the conflict in the Middle East spreads, warning of a decade of missed opportunities and weak growth. The global economy is expected to face significant challenges due to the lingering effects of the pandemic and ongoing conflicts, with risks of natural disasters and geopolitical tensions adding to the uncertainty. Developing countries are particularly vulnerable to the slowdown, and there are worries about the fragility of the Chinese economy as well. Both Europe and the United States are anticipated to experience sluggish growth in the coming year, with factors such as elevated interest rates, tight credit conditions, and political uncertainty contributing to the slowdown. Despite these challenges, the Biden administration remains optimistic about progress in controlling inflation and maintaining a strong labor market.