By Abbati Bako,psc,bsis,Kent alumnus, UK’s European University
Economic development and growth is the backbone of human existence. The Iran and USA/Israel war is seriously affecting global economic stability and if allowed to continue as it’s (now) this planet will move into economic oblivion and will continue to affect every part of the world. President Trump promised to “blow up the world’s largest gas field”. And if that happens the world will experience economic meltdown and insecurity more than that of 1948.
The US-Israel-Iran conflict is indeed having a devastating impact on the global economy. The war is disrupting oil supplies, driving up energy costs, and threatening economic growth worldwide. It seems that inflation is everywhere around the world. Where’s the global political, economic and social stakeholders? The current United Nations Secretary General has said boldly that “this war must stop”. The Qatar Prime Minister said that Iran should stop attacking Qatar immediately”.
Key Consequences:—
*Oil Price Surge:
Brent crude prices have jumped over 25% since the start of the war about three weeks ago reaching around $100 per barrel. This is extremely dangerous to the global economy.
*Global Inflation:
Rising energy costs are expected to drive up inflation globally, with the US potentially seeing inflation rise to 3.7%.
*Economic Growth Slowdown:
The International Monetary Fund predicts a 0.15% reduction in global economic growth for every 10% rise in oil prices.
The situation demands urgent attention and diplomatic efforts to prevent a full-blown economic catastrophe. A peaceful resolution is crucial to restore global economic stability.
To continue insha’Allah
abbatibako@gmail.com
