Martin Wolf and what to do about the commodity shock (opens in new tab)

Martin Wolf's column today reflects on the commodity shock on the basis of the data provided by the World Bank in the last Commodity Markets Outlook. As has been the prevailing consensus he suggests that this is an unprecedented shock, larger than the oil shocks of the 1970s, and any other commodity crises of the last 50 years.In his words, based on the World Bank: "the initial impact of the closure of the strait was a global loss of 10.1mn barrels a day of oil in March. This was much larger ...