New Delhi, May 25 -- Global business growth grinds to a halt in May as the conflict in West Asia exerted a growing toll on major economies, according to Flash PMI surveys from S&P Global.

The report mentioned that Europe is faced with the most severe impact, with the economies of both the United Kingdom and the eurozone slipping into decline, while expansions in the United States and Japan shifted into lower gears.

The report noted that major economies faced stagflationary conditions, creating a significant challenge for central bank policymakers.

"Services have generally reported the worst deterioration in demand, whereas manufacturers have continued to benefit in May from stockpiling....Manufacturing input price inflation accelerated...