HO CHI MINH CITY - When the U.S. and Israel launched their war on Iran on Feb. 28, Asia expected to see serious, gradual impacts from losing access to a huge portion of the world’s oil and gas. But the conflict’s economic and social impacts have hit the region harder and faster than officials or experts expected.Many countries across the Asia-Pacific region are experiencing sudden jolts of disruption that they are struggling to manage, with some comparing the crisis' breakdowns and scope to the COVID-19 pandemic.Even if there is a peace deal soon, the future of this industrious region that has driven global economic growth for decades will likely include months of canceled flights, surging food prices, factory pauses, delayed shipments and empty shelves for products long considered quick and easy to buy worldwide: plastic bags, instant noodles, vaccines, syringes, lipstick, microchips and sportswear.
The forces of scarcity hitting Asia may soon spread across the world
HO CHI MINH CITY - When the U.S. and Israel launched their war on Iran on Feb. 28, Asia expected to see serious, gradual impacts from losing access to a huge portion of the world’s oil and gas. But the conflict’s economic and social impacts have hit the region harder and faster than officials or exp
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