New Delhi, March 3 -- Amid escalating tensions in West Asia, the International Monetary Fund (IMF) on Tuesday said that it is "closely monitoring developments" and it will be too early to assess the economic impact on the region and the global economy.

The IMF also mentioned that it has "observed disruptions to trade and economic activity, surges in energy prices, and volatility in financial markets."

"The situation remains highly fluid and adds to an already uncertain global economic environment," it said in a statement.

"It is too early to assess the economic impact on the region and the global economy. That impact will depend on the extent and duration of the conflict," it said.

India is also continuously monitoring the growing cri...