Hotelier of the Year Award: Koolesh Shah

• IMF lowers global growth forecast to 3.1 per cent from 3.3 per cent.
• Severe scenario could see growth fall below 2 per cent, near recession levels.
• Oil shock and supply disruption driving inflation and economic uncertainty.

The International Monetary Fund has lowered its global growth forecast, warning that the ongoing conflict in the Middle East and the resulting oil shock could push the world economy closer to a downturn if disruptions continue.

In its latest World Economic Outlook, the IMF now expects global GDP to grow by 3.1 per cent this year, down from its earlier estimate of 3.3 per cent. The revision reflects rising energy prices and uncertainty following the US-Israeli attack on Iran that began on February 28.