The US-Iran conflict has caused a $150 billion loss to Arab economies in the first month, impacting 4% of the region’s GDP.
Dubai: (RightNow) The ongoing conflict between the US and Iran has resulted in a $150 billion loss to Arab economies in the first month. This loss is equivalent to 4% of the region’s GDP.
Dr. Rania Al-Mashat, Executive Secretary of the United Nations Economic and Social Commission for Western Asia, stated that disruptions in maritime routes through the Strait of Hormuz and Bab al-Mandeb have severely impacted economic stability. These routes account for 25% of the world’s oil trade.
Dr. Al-Mashat noted that the obstacles in maritime routes are affecting economic growth and hindering efforts to diversify Arab economies across various sectors.
This crisis is significant for Arab countries as secure maritime routes are directly linked to the region’s development and collective security.
It is noteworthy that the US, in collaboration with Israel, attacked Iran on February 28, leading to Iranian retaliations and increased threats to global trade through the Strait of Hormuz.
