IMF warns of global recession

The IMF's latest outlook presents a dismal scenario where soaring oil prices and supply chain disruptions throw the global economy off course.

Britain is projected to suffer the most significant economic shock among G7 nations, complicating fiscal decisions for Chancellor Rachel Reeves.

Central banks worldwide may be forced to act aggressively to contain inflation, potentially stalling economic recovery.

The report highlights that even if hostilities end soon, the long-term fallout from the oil shock will likely persist for years.