Impact of Iran war on global economy intensifies daily
The US war on Iran is having a significant impact on the global economy, with central banks and governments struggling to overcome major economic storms. The shutdown of the Strait of Hormuz has sent oil and liquified natural gas prices soaring, affecting countries such as India, Thailand, and Pakistan that rely heavily on these imports.
The US war on Iran is nearing its first month and its effects on the global economy are intensifying. Central banks and governments have tried to overcome economic storms by throwing money at the problems, but this solution is not possible in the current crisis. The director of the International Energy Agency, Fatih Birol, warned that the impact of the crisis is worse than the combined effects of two oil shocks in the 1970s. The shutdown of the Strait of Hormuz has sent oil and liquified natural gas prices soaring. Countries such as India, Thailand, and Pakistan are heavily impacted due to their reliance on these imports. India, in particular, is facing widespread shortages of gas used for cooking and its international financial position is being impacted.
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