Economic Forum Warns Middle East Conflict Threatens Economy
According to a report by the World Economic Forum, the conflict in the Middle East is currently considered the greatest threat to global economic prospects. Ongoing disputes in the region, particularly the pressure on the Strait of Hormuz and attacks on Black Sea ports, are expected to generate strong economic headwinds over the next 12 months. A staggering 97% of leading economists emphasized that the war in the Middle East poses a significant concern, with projections of reduced maritime traffic through the Strait and a potential decrease in grain exports by up to 17% this year due to persistent tensions. At the regional level, economic outlooks have improved compared to the beginning of the year, with Saudi Arabia expected to grow its GDP by 1.7%, while Iran's economy is forecasted to contract by 5.4%, despite ongoing risks from conflicts and the war between Russia and Ukraine.
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