head of intelligence and research at the Sinopec Economics and Development Research Institute

Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said the potentially explosive situation in Europe carries massive risks for a world economy that is on its way to recover from the COVID-19 pandemic shocks. It will accelerate inflation, rattle markets and slow the world's economic recovery by sending already elevated energy prices ever higher.

The rise in international bulk commodity prices has increased firms' production costs and made the global economic recovery from COVID-19 more challenging, he said