PNN – The New York Times, in a report on the developments after the war, wrote that the world economy will never be the same again.
According to the report of Pakistan News Network; the New York Times reported that the war against Iran, which began in late February and has now been going on for four months, has left almost no corner of the world economy unaffected.
According to the newspaper, from energy rationing in Asia to fertilizer shortages in Africa and grounded planes in Europe, the economic consequences of the conflict have exceeded all expectations and, according to analysts, the global economy will never return to its pre-war path.
Even with an initial agreement to reopen the Strait of Hormuz, it will take months for the economy to return to normal, the New York Times reported, and the world is on a path to “lower growth and higher prices.”
When the Strait of Hormuz was blocked in early March, Middle Eastern energy exports dried up virtually overnight, according to the New York Times. Oil and gas prices exploded, inflation soared around the world, and countries grappled with energy crises.
This economic shock has become one of the main reasons for Donald Trump’s desperation to end the war, as it has reduced not only his popularity, but also the popularity of many world leaders.
The American newspaper wrote that even with the signing of the initial agreement and the announcement of the reopening of the Strait of Hormuz, the situation will not be easily improved. According to analysts, hundreds of ships stranded in the Persian Gulf will have to leave the strait, and this process alone will take weeks. Also, restarting oil wells, refineries and infrastructure that have been idle for months is another difficult task. Repairing infrastructure damaged in the war also requires a lot of time and money.
Shipping executives who have witnessed attacks on commercial vessels are seriously hesitant to return to the Persian Gulf. One senior executive told The New York Times that it will take weeks, if not months, to regain confidence in the safety of the route.