"A conflict like this is development in reverse. Even if the war stops, the impact is already there. You will see an enduring impact, especially in the poorer countries, where you push people back into poverty."
"Energy prices have surged in the six weeks since the first US-Israeli airstrikes on Tehran, as Iran's closure of the strait of Hormuz chokes oil and gas supplies to the world economy."
"Experts warn that a food security timebomb has been set for the developing world. Even if a durable peace in the Middle East can be sustained, the scarring effects from the conflict have permanently damaged the global economy."
"The UNDP said targeted and temporary cash transfers were needed to protect the most vulnerable households in developing nations, at a cost of about $6bn to neutralise the shocks for those falling below the poverty line."
The economic fallout from the Iran war is projected to push more than 32 million people into poverty, particularly affecting developing nations. The United Nations Development Programme (UNDP) reported a triple shock of energy, food, and economic growth challenges. The conflict is reversing development gains, with lasting impacts expected. Energy prices have surged due to the war, affecting oil and gas supplies, which in turn threatens food security. A global response is necessary to support the hardest-hit countries, including targeted cash transfers to protect vulnerable households.
Read at www.theguardian.com
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