Brief by Shorts91 Newsdesk / 03:45am on 15 Jan 2024,Monday International
The World Economic Forum (WEF) President, Borge Brende, has raised concerns over the impact of Houthi attacks on merchant ships in the Red Sea, warning of a potential $10-20 increase in oil prices for oil-importing countries like India. Speaking ahead of the 54th WEF annual meeting in Davos, Brende highlighted the adverse effects on the global supply chain, emphasizing the potential closure of the Suez Canal. The situation poses a significant threat to India's economy, heavily dependent on oil imports. Despite optimism about India's economic growth, Brende urged continued reforms and emphasized the need for global collaboration in a fractured world.
