IMF warns: War with Iran has caused 'global shockwaves'

The war in the Middle East has caused a "global shock" to economies around the world, while dimming the prospects for many countries that had just begun to recover from previous crises, the International Monetary Fund has warned.

"The blow is global, yet asymmetric," said a response from the global lender's chief economists.

“Energy importers are more exposed than exporters, poorer countries more than richer ones, and those with scarce reserves more than those with abundant reserves.”

The war against Iran, launched by the US and Israel last month, has resulted in the largest disruption in the history of the global oil market.

This shock is also partly due to Iran's closure of the Strait of Hormuz, through which 25% to 30% of global oil and 20% of liquefied natural gas normally pass, according to the International Energy Agency.

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