Brussels: The European Commission warned on Monday that the ongoing war in the Middle East threatens the global economy with an inflationary shock.
According to Jordan News Agency, European Commissioner for Economy and Productivity Valdis Dombrovskis said, “If the war continues indefinitely with disruptions to maritime navigation in the Strait of Hormuz and attacks on energy infrastructure in Gulf countries, it could ultimately lead to a major inflationary shock affecting the global and European economy.”
Dombrovskis added that the European Union is closely monitoring the situation and preparing to take measures to ensure the security of energy supplies and address any potential rise in prices.