Arab countries could lose up to $194bn of GDP due to the US and Israeli war against Iran. According to the UN, even a short-term escalation would have serious economic and social consequences for the region. The countries of the Persian Gulf and the Levant will suffer the most.
UN forecast: losses and risks
According to the UN, a war between the US and Israel against Iran could result in Arab countries losing up to $194 billion of GDP. Even a short-term escalation of the conflict would have large-scale economic consequences.
The unemployment rate is expected to increase by 4%. As many as 3.6 million people may lose their jobs, and another 4 million will be at risk of poverty.
The biggest losses are in the Persian Gulf and Levant
The countries of the Persian Gulf and the Levant will bear the brunt of the war. Qatar and Kuwait could lose up to $14% of GDP this year if the war continues until the end of April.
Additional economic losses are caused by the blocking of the Strait of Hormuz. This affects exports from Qatar, Kuwait, Saudi Arabia and the UAE.
Context.
The conflict in the Middle East continues to escalate. The United Nations warns of serious economic and social consequences for Arab countries even in the event of a short-term escalation.
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