The global economy is at risk of growing at its slowest pace since the Covid-19 pandemic if conflict in the Middle East keeps oil prices at $100 per barrel for the rest of this year, the IMF has warned.
The fund said the global economy would expand by just 2.5 per cent this year — the weakest pace since 2020 — and inflation would soar by 5.4 per cent under an “adverse scenario” where petroleum spot prices held around their current level.
The price of the global oil benchmark, Brent crude, rose back above $100 per barrel on Monday after talks between the US and Iran fell apart and Washington imposed a naval blockade in the Strait of Hormuz. Prices then lost some ground on Tuesday, however.
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