Food Security Fears Grow Amid Fuel and Fertiliser Crisis
The ongoing Gulf conflict is disrupting international trade, causing fuel and fertiliser shortages, and threatening global food security. Bangladesh is severely affected, with rising transport costs, production disruptions, and declining GDP growth.
The Gulf conflict between the US, Israel, and Iran is disrupting global trade, with the Strait of Hormuz almost closed, affecting 20% of the world's oil and liquefied gas. Energy prices have surged, with crude oil reaching $120 per barrel, causing inflation and stifling GDP growth. Bangladesh, reliant on fuel imports, is facing severe pressure, with rising transport costs, production disruptions, and declining GDP growth. The government has introduced fuel rationing, and some power plants have stopped production due to fuel shortages. The ready-made garment sector is also affected, with load-shedding of up to five hours a day. If the conflict continues, economic losses for Bangladesh may deepen further.
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