Asia Pacific
Arab economies suffered massive financial losses of nearly $150 billion during the first month of the conflict and war involving Iran
Arab economies suffered massive financial losses of nearly $150 billion during the first month of the conflict and war involving Iran, equivalent to around 4 percent of the region’s total gross domestic product (GDP). According to Iran International, Dr. Rania Al-Mashat, Executive Secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA), revealed the alarming situation. Dr. Rania Al-Mashat said that disruptions to maritime routes through the Strait of Hormuz and the Bab el-Mandeb have posed serious risks to the delivery of essential goods, economic stability, investment, and employment opportunities.
She also emphasized that the maritime routes stretching from the Persian Gulf through the Strait of Hormuz and onward to the Red Sea and Bab el-Mandeb form an interconnected system through which energy, food, and other commercial goods reach markets around the world. The UN official warned that the impact of the current crisis is not merely local, but is also disrupting global supply chains. In this context, she called for immediate coordinated action at both the international and regional levels to prevent the conflict from spreading further and to ensure the safety and continued movement of vessels through vital maritime routes.
