"The International Monetary Fund warned last week that a further escalation could trigger a global recession. Its head, Kristalina Georgieva, had already said that the crisis would remain a threat to the global economy even if it ended overnight."
"The combination of higher energy, food and fertiliser costs will increasingly hammer poorer and heavily import-reliant nations. The Iranian economy was already in a desperate state, thanks to years of sanctions and state failure."
"Prof Linda Bilmes, a Harvard public finance expert, suggests that the war is ultimately likely to cost the US $1tn when factors such as interest payments and long-term veteran-related expenses are included."
Since the onset of the US and Israel's war, over 3,300 Iranians, including 383 children, have been killed. Donald Trump indicated a preference for resuming bombing despite a ceasefire deadline. Both sides seek peace but aim to force concessions from each other. Iran's economic leverage, particularly through the Strait of Hormuz, poses a significant threat. The IMF warns of a potential global recession due to escalating conflict costs, disproportionately impacting poorer nations. The US military costs have already exceeded $11.3 billion, with projections suggesting total expenses could reach $1 trillion.
Read at www.theguardian.com
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