IMF warns of war's economic cost

The International Monetary Fund and World Bank are preparing for high-stakes meetings dominated by the economic consequences of the Middle East conflict.

Managing Director Kristalina Georgieva noted that while a ceasefire may hold, the 'pinch' of inflation and rising fuel costs will be felt globally for some time.

Central bankers are particularly concerned about the disruption to the Strait of Hormuz and its impact on wholesale prices.

The meetings will focus on building resilience against such geopolitical shocks as the global growth outlook dims.