Exchange Rates

Economic pain from Iran war will hit poor countries hardest, officials say

At the IMF/World Bank spring meetings, officials warned that the Middle East conflict and earlier closure of the Strait of Hormuz have delivered a negative supply shock that will hurt developing, import‑reliant economies most. Higher energy, food and fertiliser prices, alongside a stronger US dollar, are set to raise inflation, weaken growth and worsen debt vulnerabilities, especially in sub‑Saharan Africa; several countries may need augmented IMF support.