Iran's conflict threatens Middle Eastern economy
The current Iran war is considered the most dangerous to the Middle East economy in half a century, as 10 countries have been directly affected by the conflict. The affected countries have a combined gross domestic product of approximately $4 trillion, which accounts for 70% of the region's economy and 3% of the global economy. This war led to an economic downturn in the region in 1980, and forecasts indicate that growth may decline to 1.1% this year, with potential negative impacts further exacerbated by disruptions in navigation through the Strait of Hormuz and ongoing conflict. Currently, the crisis represents a historic turning point, with its implications surpassing those of any previous crisis since the 1973 war, involving declining oil production and threatening the region's economic security.
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