United Nations: The Middle East conflict has resulted in significant economic losses in the Arab region.
The United Nations Economic and Social Commission for Western Asia released a brief on the 19th stating that the Middle East conflict has caused significant economic losses to the entire Arab region. If the conflict continues for a month, the losses could escalate to nearly $150 billion, accounting for 3.7% of the region's GDP. The situation in the region abruptly escalated after the United States and Israel launched military strikes against Iran. According to the brief, the preliminary estimate is that the economic losses in the Arab region over two weeks are around $63 billion, with the economic impact of the war affecting various sectors such as energy, trade, aviation, and finance. According to the brief, shipping volume in the Strait of Hormuz has plummeted by 97%, with daily blocked cargo transport worth approximately $2.4 billion. From February 28 to March 12, nearly 19,000 flights were canceled at 9 major airports in the Arab region, resulting in airlines losing approximately $19 billion in revenue.
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