Foreword

Stephen Millard

National Institute Global Economic Outlook, 2024, issue 14, 3-4

Abstract: If it is possible, the world has become an even more dangerous place than when I wrote the foreword to our Winter Outlook. There looks to be no end in sight to the Russia-Ukraine conflict, while in Gaza, Israel continues its campaign against Hamas. Elsewhere, Iran launched a missile and drone attack on Israel and Israel retaliated, though thankfully casualties were very low and tensions between the two countries seem to have de-escalated for now. A widening of the conflict in the Middle East to involve Iran directly would likely lead to a closure of the Straits of Hormuz, which would have serious ramifications for oil and gas prices and, hence, the world economy. As a result, many in the media are busy dusting off memories of the 1970s.

Date: 2024
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