World Bank: Middle East Conflict Slows Global Growth to Weakest Since Pandemic
By
Alan Rappeport
Leave it on the tray for the seagulls.
Summary
The World Bank warns that the war in the Middle East, specifically the U.S.-Israeli attack on Iran, is slowing global economic growth to its weakest pace since the Covid-19 pandemic. Disruption of cargo traffic through the Strait of Hormuz has caused energy prices to surge, fueling a new round of inflation and raising expectations for higher interest rates and slower output worldwide.
Key quotes
· 3 pulledThe war in the Middle East is slowing global economic growth this year to its weakest pace since the Covid-19 pandemic
The U.S.-Israeli attack on Iran in late February has led to a prolonged disruption of cargo traffic through the Strait of Hormuz, causing oil, gas and fertilizer prices to gyrate for months
The disruption to global supply chains has fanned a new round of inflation, raising expectations for higher interest rates and slower output around the world
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