IMF Warns of Global Recession

The IMF's latest World Economic Outlook indicates that global growth could slow to around 2 percent if the conflict in the Middle East continues to damage critical energy infrastructure.

Managing Director Kristalina Georgieva expressed hope that a ceasefire could lead to durable peace, but warned that the current volatility is already hitting major economies.

The report highlights that the US and China are driving a sharp rise in government debt as they navigate the crisis.

Analysts suggest that the economic shock from the Strait of Hormuz closure is the largest supply disruption in history.