Washington, March 30 (QNA) - The International Monetary Fund (IMF) confirmed Monday that the war in the Middle East has caused serious disruptions to the economies of many countries and is casting a shadow over the future prospects of many economies that had just begun to recover from previous crises.

In a blog post published by senior IMF economists, they asserted that the US-Israeli war on Iran has caused an “asymmetric” global shock that varies from country to country and is leading to tighter financial conditions.

According to the blog post, data from the International Energy Agency (IEA) indicates that Iran’s closure of the Strait of Hormuz and the damage to infrastructure in the region have caused the largest disruption to global oil markets in history.

Much will depend on the duration and scope of the war and the extent of the damage it inflicts on infrastructure and supply chains.

The IMF noted that food security is at greater risk in low-income countries due to rising food and fertilizer prices, and they may need more external support at a time when many advanced economies are reducing their international aid.

The blog post stated, "Although the war could shape the global economy in different ways, all roads lead to higher prices and slower growth."

The IMF said it would provide a more comprehensive assessment in its World Economic Outlook report, scheduled for release on April 14 during the IMF and World Bank Spring Meetings in Washington.

The report's authors stated that if energy and food prices continue to rise, global inflation will surge, noting that history shows that sustained increases in oil prices tend to raise inflation and lower growth.

They added that war could also fuel expectations that inflation will remain high for a longer period, which could translate into higher wages and prices, making it difficult to contain the shock without a sharp slowdown. (QNA)