"The volatile 1970s come close. But the US-Israeli war on Iran, coming so soon after the Covid pandemic and Russia's invasion of Ukraine, take the prize."
"Oil and gas prices have surged, inflation is rising, borrowing costs are up, and a food security timebomb has been primed."
"Airstrikes and drone attacks from both sides have caused damage to infrastructure that will take years to recover. Insurance premiums will remain elevated."
"Economic turbulence appears all but unavoidable; such is the mess in the Middle East, and its position as the linchpin region for global energy supplies."
Finance ministers and central bank governors meet amid significant global economic challenges. The US-Israeli conflict with Iran, following the Covid pandemic and Russia's invasion of Ukraine, has created unprecedented economic turbulence. Living standards were already struggling, and the conflict has led to surging oil and gas prices, rising inflation, and increased borrowing costs. Infrastructure damage from airstrikes will take years to recover, and confidence in the economy has been severely impacted. Experts warn of unavoidable economic turbulence due to the Middle East's critical role in global energy supplies.
Read at www.theguardian.com
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