Middle East

In its policy brief released on Monday, the UNDP described the conflict as “development in reverse”, cautioning that even a fragile ceasefire may not prevent long-lasting economic damage.

At the international poverty line of $3 a day, an additional 1.4 million people are estimated to have slipped into poverty between 2022 and 2025 due to stagnant labour incomes and persistent inflation that eroded the benefits of whatever growth occurred.

As the two-week ceasefire takes effect, markets will be watching closely for signs of sustained de-escalation. Yet even if fighting subsides, the economic scars of the Iran war may take far longer to heal, the three organisations said.

India’s economy is projected to grow at 6.6 per cent in fiscal year 2026-27 (FY27), a moderation from the 7.6 per cent expansion expected in FY26, as higher energy prices triggered by the Middle East conflict and supply chain disruptions weigh on activity.

The world has faced oil shocks before. This one, Birol made clear, is different – deeper, wider and more dangerous. How governments respond in the coming weeks will determine whether the pain remains temporary or becomes a lasting scar on the global economy.

Fletcher’s statement amid what he described as “a massive military offensive” by Israeli forces against Palestinians in Gaza City, and the failure of ceasefire negotiations with Hamas militants.

Hunger is skyrocketing. More than 90 per cent of the population faces "crisis" or worse levels of food insecurity, according to the latest expert findings. More than 300,000 people are likely experiencing catastrophic hunger – the highest level of food insecurity.

For years, Iran and Turkey have vied for supremacy in the region, but the collapse of Assad’s regime has tipped the scales in Ankara’s favour.