Finance ministers from more than 10 countries have said that the Middle East conflict would continue to weigh on global growth, inflation and financial markets even if it was durably resolved.
"Renewed hostilities, a widening of the conflict or continued disruption in the Strait of Hormuz would pose serious additional risks to global energy security, supply chains, and economic and financial stability," said a joint statement issued by the British government on Wednesday during the IMF and World Bank Spring Meetings in Washington.
"Even with a durable resolution of the conflict, impacts on growth, inflation and markets will persist."
The statement was signed by finance ministers from Britain, Australia, Japan, Sweden, the Netherlands, Finland, Spain, Norway, Ireland, Poland and New Zealand.
"With government balance sheets constrained, we commit to ensuring that any domestic responses must be fiscally responsible and targeted at those who most need support," the statement said.
"We commit to avoiding, and call on all countries to avoid, protectionist actions, including unjustified export controls, stockpiling and other trade barriers in hydrocarbon and other supply chains affected by the crisis."
