New Delhi – Although the United States’ war against Iran is currently on hold, its effects are being felt across the world and are likely to continue. The International Monetary Fund has stated that before the war, the global inflation rate was expected to decline from 4.1% to 3.8% this year; however, it is now projected to rise to 4.4%. The war has also led to a decline in the popularity of US President Donald Trump.
1. According to human rights organisations in Iran, more than 3,600 people have died in the war so far, including over 1,700 civilians.
2. Harvard economist Linda Bilmes has estimated that the total cost of the war has reached 1 trillion dollars, which is approximately ₹94 lakh 91 thousand crore.
Global growth rate declines from 3.3% to 3.1%
The International Monetary Fund has also reduced its global growth forecast. The global economy, which was expected to grow at 3.3% in January, is now projected to grow at 3.1% this year.
Fertiliser prices have also risen sharply. Countries that are heavily dependent on agriculture, and where people spend a large portion of their income on food, are likely to be directly and more severely affected by this inflation.
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