Global economy resilient to Middle East war shock

The global economy has been broadly resilient to the shock from ​the war inthe Middle East, the heads ‌of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organisation said in ​a joint statement on Wednesday.

The leaders, who have ​been meeting regularly to assess the impact ⁠of the war, called for further progress toward a resolution to ​the conflict and the reopening of the Strait ​of Hormuz, noting that the war was causing deeper concerns about growth and price stability.

"Uncertainty remains high, and the ​impacts of the war could linger. Energy ​markets and transit of goods are still facing strains," the ‌statement ⁠said.

The leaders pledged to continue working together and with their respective members to monitor energy, trade and economic developments while strengthening their readiness to ​act further ​if needed. ⁠Support to countries could include helping them build greater energy, food, trade ​and economic resilience, they said.

The ​IMF ⁠is forecasting that global growth will drop to 3% in 2026 from 3.5% in 2025 as a ⁠result ​of the war before rebounding ​to 3.4% in 2027.

-Reuters