United Nations: Middle East countries lost $186 Billion in one month of war

UN Assistant Secretary-General Abdullah Al-Dardari announced today that countries in the Middle East region lost approximately $186 billion as a result of one month of the war that began with an attack by the United States and Israel on Iran.

Al-Dardari, who is also the Regional Director for Arab States at the United Nations Development Programme, said at a press conference held in Amman on "The Economic and Social Repercussions of Military Escalation in the Middle East on the Arab Region," "We hope the fighting will stop tomorrow, as every day of delay has negative effects on the global economy."

Al-Dardari estimated the loss in the region's GDP due to one month of war at approximately 6 percent.

He said, "Six percent of GDP means the region lost about $186 billion from its economy in one month."

He predicted that "there will be deeper, longer-lasting, and more severe repercussions in the coming periods," indicating that losses could reach "more than $190 billion in this single month."

He explained that "the impact on GDP is very tangible in the Gulf region," where it could reach "$168 billion," and "in the Levant region, around $30 billion."

The UN official stated that "the Arab economy is almost entirely dependent on a single commodity," namely oil, adding: "The region must strive to reconsider its development model and adopt a more diversified economic model."

He also addressed the problem in the Strait of Hormuz, saying: "We have relied on the Strait of Hormuz, knowing for 45 years that there is tension surrounding it. Therefore, we must now consider whether there can be alternative trade routes and oil and gas pipeline networks."

According to the Kepler maritime platform, shipping traffic in the strait has decreased by 95% since the start of the war.

Al-Dardari predicted that the conflict would result in the loss of 3.7 million jobs and push an additional four million people below the poverty line.

ANHA