![Kristalina Georgieva, the IMF’s managing director]() Screenshot/Semafor/YouTubeThe global economy has so far shrugged off $100 oil. It won’t forever. “Winter is coming,” Kristalina Georgieva, managing director of the International Monetary Fund, said at Semafor’s The Next 3 Billion event in New York, warning that prices will keep climbing. The Iran war and its accompanying energy shocks have elevated inflation globally since February, leading central banks around the world to raise interest rates. That has raised their borrowing costs — the US will spend more money this year paying interest on the national debt than on its military — and leaves less to cushion the economic fallout. While AI has turbocharged economic development globally, counteracting some of the energy shock, the tech falls short of compensating for the full effect of the Strait of Hormuz’s closure. “We should prepare for people being more unhappy,” she said. “Maybe on the street.” |