By Commerce Reporter
LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI), Faheem ur Rehman Saighol, has said that the ongoing Israel and United States offensive against Iran is crippling the global economy and creating serious economic challenges for countries like Pakistan.
He stated that the conflict has disrupted global energy supplies, particularly oil and gas, leading to rising fuel prices and increased transportation costs. Analysts warn that any prolonged disruption—especially in key routes like the Strait of Hormuz—could severely impact global trade and fuel inflation worldwide.
Speaking to media, Saighol highlighted that industries, traders, and consumers are already feeling the pressure, with fears of rising inflation and unemployment if the conflict continues. He noted that supply chain disruptions and shortages of raw materials are further worsening the economic outlook.
Global energy experts have also cautioned that extended conflict could pose a systemic risk to the world economy, with oil price spikes and supply shortages affecting multiple regions.
Saighol urged world powers to immediately pursue dialogue and diplomacy, stressing that prolonged war would harm not just the region but the entire global economy. He emphasized that peaceful negotiations are the only viable solution to prevent long-term economic damage.
