WEF warns of global economic slowdown due to Middle East instability and energy market…
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- 11
- Developments
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- Repetition
- 82%
New informationRepeats or wire copies
What happened
The global economic outlook has deteriorated sharply, driven by geopolitical crises in the Middle East and other regions. The World Economic Forum noted that chief economists surveyed expected global growth to weaken over the next 12 months due to these factors. The ongoing conflict in the Middle East and the closure of the Strait of Hormuz are cited as major contributors to this global economic shock.
Why it matters
Instability in the Middle East, including regional security tensions related to Iran and the Red Sea, affects international trade routes and global economic growth. The duration of the Strait of Hormuz disruption is viewed as the key factor determining the severity of the economic fallout. If the closure persists, impacts could approach the severity of the COVID-19 crisis.
Who's involved
- World Economic ForumPublished outlook reports on global economic trends and geopolitical risks.
- Middle EastGeopolitical region facing security tensions, including the unresolved Palestinian question.
- AfricaContinent facing heightened stagflation risk and high inflation.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- AfricaSpeculative
Africa could face heightened stagflation risk and high inflation due to global shocks.
- World Economic ForumSpeculative
The global economy might experience a slowdown in growth due to international trade and energy market volatility.
How it developed
Newest first. Tap a step to see who reported it.- A WEF report analyzes tourism development, noting strongest tourist growth in Africa and Middle East.Sub-event
- A crisis is adding to external shocks faced by Southern Africa, which is a sub-region of the African continent.Sub-event
- Debt servicing in Africa is exceeding spending on essential services.Sub-event
WEF warns that regional instability is causing global economic slowdown and energy market instability across continents.1 source
WEF warns of stagflation risks and rising costs due to global disruptions.1 source
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The entities involved
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World Economic Forum
Swiss nonprofit foundation
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Middle East
geopolitical region encompassing Egypt and most of Western Asia, including Iran
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Africa
continent
Related events
- Conflicts in Eastern Europe and the Middle East are disrupting energy markets and driving up prices.
- Regional tensions are causing economic instability, higher energy costs, and disruptions to oil exports via the Strait of Hormuz, alongside an IMF program review.
- Conflict in the Middle East is driving policy shifts and mandates within energy blocs in response to global market pressures.
- Conflict in the Middle East is driving market volatility and impacting energy price cap decisions.
- Energy shock from the Middle East impacts global outlook.