Global growth worst case imminent

Global economic forecasts have become increasingly bleak as tensions between the United States and Iran escalate. Indermit Gill, the Chief Economist at the World Bank, warned that ongoing hostilities could trigger a new wave of inflation, higher interest rates, and a slowdown in economic growth to just 1.3% next year, down from 2.9% last year. He indicated that the worst-case scenario involves continued fighting for six months or more, which could push inflation to 4.5% and worsen the food crisis by disrupting vital supply chains. It was also suggested that poor and heavily indebted nations will be most vulnerable to deteriorating conditions, with interest rates expected to rise and growth prospects weakening, posing widespread economic and financial challenges.

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