The global economy has remained broadly resilient despite the shock from the war in West Asia, but uncertainty continues to cloud the outlook even as fuel and fertiliser prices have eased over the past month, the heads of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group (WBG) and World Trade Organization (WTO) have said.In a joint statement put out by WTO Director General Ngozi Okonjo Iweala following a meeting of the high-level coordination group on July 7, the four institutions said the decline in fuel and fertiliser prices since their previous meeting in June had helped ease some of the inflationary pressures triggered by the conflict.However, they cautioned that the war’s economic impact could linger, with energy markets still under strain and the movement of goods through key trade routes continuing to face disruptions.“We encourage further progress toward a resolution to the conflict and the reopening of the Strait of Hormuz. Fuel and fertilizer prices dropped since we last met in June. However, uncertainty remains high, and the impacts of the war could linger. Energy markets and transit of goods are still facing strains,” the joint statement underlined.The institutions urged governments and the international community to remain vigilant and work together to uphold the principle of freedom of navigation in the Strait of Hormuz and globally, support economic recovery, protect jobs and livelihoods, strengthen energy and food security, including through improving port infrastructure and trade facilitation, and build broader resilience to future shocks.On a positive note, the institutions said the world economy had weathered the crisis better than initially feared, although several economies had experienced slower growth and higher inflation.The assessment comes after months of turmoil in global shipping following disruptions through the Strait of Hormuz, which drove up freight and insurance costs and raised fears over energy supplies and inflation worldwide. Although an initial peace deal between the US and Iran has improved the situation somewhat, the situation is delicate as the two sides continue to trade charges.The IEA, IMF, World Bank and WTO said they would continue to closely monitor developments in energy, trade and the global economy while coordinating support for countries most affected by the crisis. Published on July 10, 2026