Скачать или смотреть PH envoy warns prolonged conflict could trigger global recession | DZMM TeleRadyo

Philippine Ambassador to the US Jose Manuel “Babe” Romualdez warns that a prolonged war in the Middle East could trigger a global recession as oil prices skyrocket due to scarcity.
“Talagang seryoso ito. If there is a big increase in fuel [prices] or fuel is going to be scarce, that's going to affect the economy of the world. That's something we have to immediately resolve because a prolonged [war] would mirror a global recession,” he said in a DZMM interview.
Romualdez warned the impact of a prolonged Middle East crisis would be even worse than the effects of the Russia-Ukraine war since the region is a major supplier of oil all over the world.
“And obviously the economy of the world, you know, aside from the fact that they are a major source of oil, they are also now a financial hub. As we all know, Qatar and Kuwait and many of these parts of the Middle East are financial hubs. This is very important for the global economy,” he said.
“So again, it is very important that this conflict is resolved quickly because a prolonged one would only mean higher prices and more difficulty for the economy to be sustained.”

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