The world could be edging towards recession, so says the IMF.
It's World Business Express from the BBC World Service.
I'm Liana Byrne.
Africa's fuel crunch is deepening and China's property giant Evergrande faces a defining moment
as its founder pleads guilty to fraud.
The global economy could be pushed towards recession if conflict in the Middle East continues to drive up energy prices.
That's the latest warning from the International Monetary Fund.
In its latest World Economic Outlook, the IMF says in a worst case scenario with oil,
gas and food prices staying elevated, global growth could slip below 2% by next year.
Its chief economist, Pierre-Olivier Gourniquet, spoke at a press conference just a short time ago.
Our severe scenario assumes that energy supply disruptions extend into next year.
With greater macro instability.
Global growth falls to 2% this year and next, while inflation exceeds 6%.
Now, the impact of the war will be uneven.
Low-income energy importers are highly exposed, especially those with pre-existing vulnerabilities and limited buffers.
But the damage is most severe for countries in the Gulf.
With me now is Fiona Sincada, Senior Market Analyst at Citi Index.
Fiona, what you make of this is quite a stark warning.
Yeah, it is.
And I think what's interesting, though, is very much the focus on the duration of the war.