Iran war hits global economy

The International Monetary Fund has downgraded its global growth outlook, warning that the U.S. and Israeli war on Iran threatens to hike inflation with the possibility of a global recession. For many developing economies, especially across the Global South, the situation is even more urgent with higher energy costs, weaker currencies, and less room to respond to the crisis. How deep is the economic fallout from the conflict? Are we looking at a temporary shock or the beginning of a more structural shift in the global economy? And what does that mean to our daily lives?