Economic growth forecast to decline in Asian countries including India-China due to Iran war: United Nations
US-Iran War: There is an energy crisis across the world due to the Iran war. Oil prices have started skyrocketing in many countries. Meanwhile, the United Nations has forecast declining economic growth in countries in Asia and the Pacific region. Which also includes the economies of countries like India and China.
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According to a senior economist at the United Nations’ Economic and Social Commission for Asia and the Pacific, China’s economy was projected to grow by 5% in 2025, but is likely to grow by 4.6% to 4.3% this year due to rising oil prices, according to news agency AP.
Hamza Malik pointed out that India’s economy grew by more than 7% last year, but it is expected to decline by about 1% and reach about 6% this year due to rising prices of oil, petrol and fertilizers due to the war.
“The Asia-Pacific region remains the engine of global economic growth. Therefore, whatever happens in the Asia-Pacific region has ramifications for the rest of the world,” Malik said at a press conference at the UN headquarters in New York on Monday.
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