"A conflict like this is development in reverse. Even if the war stops, and a ceasefire is obviously very very welcome, but the impact is already there. You will see an enduring impact, especially in the poorer countries, where you push people back into poverty."
"Energy prices have surged since the first US-Israeli airstrikes on Tehran, and Iran's closure of the strait of Hormuz has choked global oil and gas supplies to the world economy."
"Experts warn that a food security timebomb has been set for the developing world, with a knock-on impact on fertiliser supplies and global shipping."
The economic fallout from the Iran war is projected to plunge more than 32 million people into poverty, with developing countries facing the most severe impacts. The United Nations Development Programme reported a triple shock of energy, food, and weakened economic growth. The conflict is reversing international development gains, with lasting effects anticipated, especially in poorer regions. Energy prices have surged, and the closure of the strait of Hormuz has disrupted global oil and gas supplies, leading to a looming food security crisis.
Read at www.theguardian.com
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