The impact of the war in the Middle East is deepening in economies far beyond the region as energy prices spike, forcing experts to reassess the risk of a global recession.
Europe has limited options to bring prices down, The Wall Street Journal reported, and has been hammered by the price shock sparked by the war.
In Brazil, higher fuel costs are taking a toll on soybean farmers, leading to a surge in prices and fueling anxiety in China, the world’s biggest soy buyer. Elsewhere, experts have warned of social unrest as pump prices soar, rattling governments in Southeast Asia.
Washington may believe it can limit the war’s economic impact, “but much harm has already been done,” The Economist argued.
