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Rania Al-Mashat: Hodeidah bill drops to $140B in June
The article states that estimates show a decline in the cost of disruptions in the Strait of Hormuz on regional economies, from approximately $150 billion to around $140 billion in June, which is about 4% of the Middle East's gross domestic product. Rania Al-Mashat, the Under-Secretary-General of the United Nations, attributed this decrease to proactive policies adopted by regional countries, such as providing alternative transit routes and implementing financial measures that helped contain the impacts. However, the crisis still imposes a significant burden, especially with rising energy prices and shipping-related costs, leading to pressure on governments and small businesses, and threatening development and growth plans. The study indicates that nine ESCWA member states are experiencing or have experienced political crises, which increases institutional fragility and weakens financial capacity, with the cost of basic materials rising. The impact of the crisis reaches consumers through soaring prices and hinders development.
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