00:00The global economy has been resilient, but that resilience is under strain, with risks tilted to the downside.
00:08Global activity is projected to grow at 3.1% this year, 40 basis points lower than last year,
00:16and it's forecast to rise by 3.4% in 2027.
00:21First, with renewed tensions in the Middle East, prices of crude oil, gas, and refined oil products,
00:28such as diesel and jet fuel, have risen sharply.
00:32A more prolonged disruption of production and transport in the Middle East could lead to even higher prices of energy
00:39and other commodities.
00:40The global economy has been resilient, but that resilience is reaching its limits,
00:46so we need to move from just scoping to rebuilding.
00:51We need to restore fiscal space.
00:53We need to rebuild supply-side resilience.
00:58And that entails many steps, depending on where the weak links or critical inputs are,
01:04whether it's energy or other critical inputs.
01:07And so that's the homework for everyone, to make sure that we're resilient
01:14and we replenish that resilience in the face of potentially new shocks.
01:19Grazie.