Global recession looms as IMF warns oil prices could hit $130 per barrel as UK GDP growth downgraded

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Global recession looms as IMF warns oil prices could hit $130 per barrel as UK GDP growth downgraded.

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A global recession threatens the worldwide economy as oil prices risk surging towards $130 per barrel next year, the International Monetary Fund (IMF) has warned.The financial institution has cautioned that crude oil remaining at $120 to $130 per barrel until 2027 risks plunging the world economy into a technical recession.A recession is defined as a period of economic decline when a country experiences two consecutive quarters of negative gross domestic product (GDP).While the UK under Prime Minister Keir Starmer has so far avoided this crisis, the IMF has signaled that the country's economy is at risk of seeing its growth downgraded.IMF Managing Director Kristalina Georgieva delivered the stark assessment during remarks in Poznań, warning that such elevated energy costs would drag worldwide growth down to approximately two per cent.This level of expansion is consistent with recession-like conditions, she indicated.

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