Global business activity slows as Iran war weighs
Global business activity has slowed down due to the war in the Middle East, with energy prices and uncertainty driving the decline. The slowdown is evident in Europe, the US, and parts of Asia, with a surge in energy and food prices potentially hitting the eurozone economy hard.
Business activity in Europe, the US, and parts of Asia slowed down this month. The eurozone composite Purchasing Managers Index fell to 50.5 in March, the lowest level since May last year. The slowdown is attributed to the war in the Middle East, which has driven energy prices and uncertainty higher. The US also experienced a slowdown, with activity reaching an 11-month low. Similar trends were observed in India, Australia, and Japan. The conflict has led to a surge in energy and food prices, which could have a significant impact on the eurozone economy.
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