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The UN Trade and Development Organization has stated that global trade and economic growth are expected to slow significantly due to the US-Israeli war with Iran.
With the Strait of Hormuz virtually closed, about 20 percent of the world's oil and gas flows have been disrupted. Ship transits fell from about 130 per day in February to just six in March, a 95 percent drop, according to the latest rapid assessment by the United Nations Conference on Trade and Development (UNCTAD).
The agency's report says that growth in global merchandise trade is forecast to slow from 4.7 percent last year to between 1.5 percent and 2 percent this year.
“ The Strait of Hormuz remains virtually closed, with effects spreading throughout the global economy within weeks by disrupting energy flows, raising prices and increasing financial pressure on developing countries ,” UNCTAD says.
Transport and insurance costs, inflation and insecurity are on the rise, and with currencies in developing countries now weakened, imports like fuel and food are even more expensive for residents.
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