Price Volatility in Commodity Markets and Global Economic Growth

Abstract

The article analyzes the impact of price changes in the global commodity markets on the current economic growth of the world economy. The paper compares the patterns and trends in the global markets with the 1970s, which made it possible to conclude that the current price changes are unique. It was found that the price volatility in global commodity markets would continue to affect the national income of many countries, could result in rising costs for consumers with a mixed impact on exporters and importers of raw materials, while the risk of a global recession in the short term would remain.