How the War in Iran Is Transforming the Global Economy

This week, the Organization for Economic Cooperation and Development estimated that, even if the United States and Iran soon reach a permanent ceasefire agreement, worldwide economic growth will continue to suffer at least into 2027, and perhaps beyond. It predicts that inflation will remain well above expected levels, too. The war, which has led to the closure of the Strait of Hormuz, has disrupted the flow of global energy supplies. Countries in Asia, which are highly reliant on oil and gas that comes from the Middle East, have been particularly affected. I recently spoke by phone with Peter Harrell, a…