World Bank senior vice president and chief economist Indemit Gill said in an interview with the media on July 22 that another escalation of the war between the US and Iran could push up inflation and interest rates, and reduce the global economic growth rate to 1.3% this year. Gill said that the bank proposed three possible outcomes of the war in the Middle East in its June economic forecast, and the worst situation where the conflict lasted six months or more was close to being realized. Under these circumstances, global inflation will reach 4.5% this year.

World Bank senior vice president and chief economist Indemit Gill said in an interview with the media on July 22 that another escalation of the war between the US and Iran could push up inflation and interest rates, and reduce the global economic growth rate to 1.3% this year. Gill said that the bank proposed three possible outcomes of the war in the Middle East in its June economic forecast, and the worst situation where the conflict lasted six months or more was close to being realized. Under these circumstances, global inflation will reach 4.5% this year.