Strait of Hormuz opening not to end global economic crisis, UN says

The ongoing phased restoration of shipping through the Strait of Hormuz will not help bring the global economy out of shock, the UN Conference on Trade and Development (UNCTAD) is sure.

The ongoing resumption of shipping through the Strait of Hormuz will not help bring the global economy out of shock, the UN Conference on Trade and Development (UNCTAD) informed.

According to the organization's report, the situation is exacerbated by the fact that transport and food systems have been more significantly affected by the blockade of Hormuz than energy markets, so their recovery will take longer.

"The first thing we want to emphasize is that the shock does not end with the opening, despite what the media headlines may say,"

– UNCTAD spokesperson Marcelo Risi said.