Just before Britain’s fateful referendum on its membership to the European Union 10 years ago, the government of the day gave a stark warning. A vote to leave the bloc would lead to “an immediate and profound shock” to the economy. By a slim margin, the public voted to leave anyway. The economic warnings were…
Despite the wreckage left by Iran’s 16-week war with the United States and Israel, the country’s potential outlook over the long term is brighter than it has been in years. For the first time in decades, Iran’s status as an international economic outlaw could be nearing an end, allowing a leading oil producer to re-establish…
The conflict in the Middle East, which is significantly disrupting the world’s supply of energy and other critical commodities like fertilizer, will slow economic growth this year and raise inflation through 2027, the Organization for Economic Cooperation and Development said on Wednesday. The global economy’s growth will slow to 2.8 percent this year from 3.4…
It’s no secret that gross domestic product, the number that serves as a measure for economic progress around the world, is hardly a barometer of human flourishing. It registers the harvest of a forest as timber income, for example, without recognizing the resulting erosion and water quality degradation. It measures spending on hospitals, but not…
Facing pressure to address the economic fallout of his war in Iran, President Trump on Monday sought to portray his policy wins for small businesses as evidence that he was succeeding in building up the economy. Speaking to business leaders from across the country at an event in the East Room of the White House,…
As the globe convulses over the economic fallout from the war in Iran, many African nations say the ripple effects of the conflict are exacerbating longstanding challenges at home, like the lack of manufacturing on the continent and its heavy reliance on imports and foreign investment. The standoff over the Strait of Hormuz has sent…
With the flow of energy through the Middle East still mostly blocked and oil prices rising, policymakers in Europe are confronting the immediate impact of higher costs and trying to decipher the potential economic damage of a prolonged conflict. On Thursday, officials at the European Central Bank and Bank of England are expected to hold…
More than a dozen American warships are patrolling the waters around the Strait of Hormuz to enforce a blockade of Iranian ports, aided by American fighter jets and surveillance aircraft. The goal is to force Iran to cave in to American demands by depriving the government in Tehran of its biggest single source of revenue…
War in the Middle East has upended the world economy, the International Monetary Fund said on Tuesday, warning in a report that disruptions to oil markets could slow growth, fuel inflation and raise the possibility of a global recession. The sober message came after the global economy had largely weathered a pandemic, Russia’s war in…
For nearly 50 years, Iran has been treated as an outlaw, earning a spot as one of the most heavily sanctioned countries in the world for its nuclear and weapons programs, its support for terrorism, its human rights abuses and more. But despite persistent efforts by the United States, the European Union, Britain and the…
