New Delhi, April 29 -- Renowned economist Jeffrey Sachs on Wednesday issued a stark warning that the global economy is teetering on the edge of a "terrible crisis," primarily driven by the escalating geopolitical tensions in West Asia and the resulting surge in crude oil prices.

"The world economy will suffer a terrible crisis," Sachs said while addressing FICCI Legend Series, cautioning that sustained disruption in oil and gas supplies could trigger widespread economic instability.

He said the current situation reflects a fragile equilibrium in global energy markets that could worsen if supply disruptions persist. "The betting is that somehow that shortage will be alleviated... but if it isn't, the price will continue to rise," Sachs s...