IMF cuts global growth forecast during Hormuz blockade
Al Jazeera·3h ago·Neutral
What Happened
The International Monetary Fund lowered its 2026 global economic growth forecast to 3.1 percent from 3.3 percent due to US-Iran tensions and Strait of Hormuz blockade. Oil and food costs have risen globally. Iran faces a 6.1 percent contraction forecast. Saudi Arabia's growth cut from 4.5 to 3.1 percent. Middle East and North Africa growth forecast reduced to 1.1 percent. Global inflation expected at 4.4 percent.
Key Entities
International Monetary FundUnited StatesIranStrait of HormuzSaudi ArabiaMiddle EastPierre-Olivier Gourinchas