As the conflict in the Middle East enters its eighth week, the global economy braces for the release of crucial business surveys that will assess the impact of the war. Economies across the globe, including Australia and the United States, are expected to show signs of stagflation, a term describing the troubling combination of rising prices and stagnant growth reminiscent of the 1970s. Reports from Germany, France, the euro zone, and the UK are anticipated to indicate broad economic deterioration, while American indicators are expected to remain relatively unchanged. The International Monetary Fund (IMF) has cautioned finance officials about the potential for a near-recession globally, emphasizing that the effects of the conflict will linger even if a ceasefire is reached. Kristalina Georgieva, the IMF Managing Director, noted that the economic damage is already substantial and recovery will take time. European Central Bank officials are closely monitoring these developments as they prepare to set interest rates, with key data expected from France and Germany in the coming days.