IMF Warns of Global Recession

In its latest World Economic Outlook, the IMF projected global growth to slow to 3.1% this year, with a potential drop to 2% in a worst-case scenario.

The fund highlighted the inflationary shock caused by the closure of the Strait of Hormuz, which has driven energy and fertilizer costs to record highs.

The United Kingdom is expected to suffer the sharpest economic shock among G7 nations, while developing countries face a mounting poverty crisis.

Financial stability remains at risk as ballooning government debt and volatile commodity markets create a precarious environment for global recovery.