IMF projects slowdown of global economy in 2026 due to Iran war - EUROPE SAYS
Chairman of the Securities and Exchange Commission Paul Atkins speaks during a panel on market-based finance during the 2026 Annual International Monetary Fund Spring Meetings in Washington, D. C. , on April. . .
Chairman of the Securities and Exchange Commission Paul Atkins speaks during a panel on market-based finance during the 2026 Annual International Monetary Fund Spring Meetings in Washington, D. C. , on April 13. File Photo by Bonnie Cash/UPI |License PhotoJuly 8 (UPI) — The International Monetary Fund projected Wednesday that the global economy will experience a sharp slowdown from the impact of the Iran war. The war’s impact on global energy reserves and inflation delivered another hit to theglobal economyas it was still recovering from the effects of theCOVID-19pandemic and the Russian invasion ofUkraine. IMF forecasts that global output growth, a measure of gross domestic product change, will fall from 3. 5% to 3% this year. A preliminary peace agreement between the United States and Iran offered brief hope of a turnaround for global energy. However, Iran has resumed attacks on the Strait of Hormuz, ushering in further uncertainty. The July forecast is based on data that precedes the latest hostilities between the United States and Iran. During the NATO summit in Turkey Wednesday, PresidentDonald Trumpshared doubt that the ceasefire with Iran remains intact, saying “I think it’s over. ”IMF is an international financial institution based in Washington, D. C. It has 191 member countries. Britain’s economicoutlook has improvedwhile the IMF projects other G7 countries’ economies to cool or remain the same as in its April forecast. Gross domestic product is projected to grow by 1% in Britain, a 0. 2% increase over its projection in April. Astronaut Buzz Aldrin walks on the surface of the Moon during the Apollo 11 mission on July 20, 1969. Photo by NASA/UPI |License PhotoTags:Covid-19Donald TrumpEconomytop newswar in ukraineworld