Hormuz crisis strangling global economy, Guterres warns, demanding solutions to end stalemate

António Guterres decried the restrictions on free passage through the crucial chokepoint which is “impeding the delivery of oil, gas, fertilizer, and other critical commodities” and “strangling the global economy.”

Setting out three possible trajectories, he said that even if restrictions on shipping and trade were lifted immediately, “supply chains will take months to recover,” with global growth falling from 3.4 to 3.1 per cent, inflation rising to 4.4 per cent and trade slowing sharply.

“And a world still reeling from the shocks of a pandemic and the war in Ukraine will endure further economic distress. This is the best-case scenario, ” he said.

UN problem-solving

Mr.…