"The International Monetary Fund has warned that a further escalation in the Iran war could trigger a global recession, spiraling inflation, and a sharp backlash in financial markets. The economic damage from the Middle East conflict is steadily rising, prompting the IMF to cut its growth forecasts for 2026."
"The UK is expected to suffer the sharpest growth downgrade and joint highest inflation rate in the G7 this year, with a forecast cut of 0.5 percentage points to 0.8%. Inflation is projected to climb to almost 4%."
"Under a worst-case severe scenario involving a drawn-out war and persistently higher energy prices, the world could face a close call for a global recession for only the fifth time since 1980."
The International Monetary Fund warned that further escalation in the Iran war could trigger a global recession and rising inflation. The IMF cut its growth forecasts for 2026, particularly impacting the UK, which faces the sharpest downgrade and highest inflation in the G7. Oil prices have surged above $100 a barrel amid market volatility. The IMF indicated that net energy importers and developing nations would suffer the most, while the US growth forecast was lowered to 2.3%. The overall outlook for global growth has darkened due to the conflict.
Read at www.theguardian.com
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