The OECD warns that prolonged disruption of Middle East energy supplies due to the Iran war could severely impact the global economy. - Global growth could slow to 1.8% in 2027 under a prolonged disruption scenario.
- Asian economies and poorer countries would be hardest hit. - Traffic through the Strait of Hormuz has dropped by more than 90%.
- A UN study warns that higher energy prices could impact nearly a billion people in poorer countries. The OECD urges targeted, temporary government spending to relieve energy costs and avoid excess debt.