IMF Warns of Global Recession

In its latest World Economic Outlook, the IMF projected that global growth will slow to 3.1% this year as the war in Iran disrupts trade and commodity markets.

The report outlines a worst-case scenario where persistent energy infrastructure damage could plunge growth to just 2% while sending inflation above 6%.

Chancellor Rachel Reeves expressed frustration at the lack of a clear exit strategy for the conflict, which has already erased billions in market value.

Developing nations are particularly vulnerable, with debt costs surging alongside rising fuel prices.