#global-economy

#global-economy

The head of the University of Sydney's advanced carbon research lab, Prof Yuan Chen, states that the concept of avoiding petrochemicals is misaligned with scientific understanding, as almost all medical consumables come from petrochemical products.

The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index was the largest single contributor.

The annual impact of piracy off Somalia on the global economy was as high as $18bn during the height of the crisis, highlighting the significant economic repercussions of maritime crime.

In 2025, the five biggest military spenders were the United States ($954bn), China ($336bn), Russia ($190bn), Germany ($114bn) and India ($92bn), accounting for more than half (58 percent) of world military spending.

The GCC has made itself structurally indispensable to the global economy. This did not happen by accident. It is the result of decades of deliberate sovereign intent.

The International Energy Agency (IEA) says it is the 'largest supply disruption in history'. With the disruption expected to have a lasting impact on prices, governments around the world have introduced measures to limit the impact on consumers and the economy.

The most senior officials from the US Federal Reserve, the European Central Bank, and the Bank of England are expected to take part in a desktop stress test to respond to another Lehman Brothers-style collapse.

The war in the Middle East will have certainly a huge impact for the Swiss exports because it represents 10% of the total Swiss watch exports, so it's quite substantial.

"This is a system shock," says Nigel Green, CEO of deVere Group. "You have a material energy supply disruption and a structural shift toward fragmentation."

The Iranian choke hold on the Strait of Hormuz evidently had a lot to do with it. By cutting off roughly one-fifth of the world's oil supply over the past five weeks, Iran's blockade of that narrow waterway caused an energy crisis and fears of a global recession that the White House could not abide for long.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.

The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.