The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge, inflationary pressure to rise and consumer tempers to flare. Even before Russia’s invasion of Ukraine, prices were climbing rapidly because of roaring demand and limited supply growth.
View More Oil price shocks have a long history, but today’s situation may be the most complex ever
The crux of the crisis relates to its Doing Business Index, which ranks the ease of opening and operating companies in 190 countries. In September 2021, an investigation alleged that senior leadership at the bank manipulated the index’s data in response to pressure from China and Saudi Arabia.
View More Scandal involving World Bank’s ‘Doing Business’ index exposes problems in using sportslike rankings to guide development goalsYou cannot copy content of this page