Global economy heals as jobs decline

The Hodeidah Strait crisis and the spread of the Iran war dominate the global economic scene, as the closure of the strait has led to the loss of over 1.2 billion barrels of oil valued at more than $120 billion, along with a 20% reduction in global liquefied natural gas supplies and a 30% decrease in fertilizers worldwide. This crisis has triggered a wave of inflation, poverty, and unemployment, especially as economies deteriorate and nearly 80 countries are affected. The total losses from the conflict are estimated at $1.3 trillion so far, with projections that this figure could rise to $3.5 trillion if the conflict continues. Energy, particularly the Strait of Hodeidah, is at the heart of the crisis, with varying impacts on Gulf countries and Iraq. The situation highlights the urgent need to diversify economies and develop flexible strategies to face future repercussions.

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