New York, USA – UN Secretary-General António Guterres called on all parties involved to take immediate action to reopen the Strait of Hormuz and restore freedom of navigation. This is in accordance with Security Council Resolution 2817, which guarantees the unhindered passage of ships and helps alleviate pressure on the global economy.
Serious repercussions for the economy
Guterres emphasized in his remarks to the UN Security Council that disrupting navigation in this vital waterway impedes the transport of oil, gas, fertilizers, and essential goods. This leads to widespread disruptions in energy, transportation, manufacturing, and food markets, and has direct repercussions on global supply chains.
He noted that the UN is working to strengthen the role of the International Maritime Organization (IMO) in developing mechanisms for evacuating ships and seafarers from conflict zones. In addition, consultations are underway to establish a humanitarian corridor should the situation deteriorate further. This would ensure the continued flow of vital supplies.
Slowing growth and rising inflation
Guterres warned that continued restrictions on navigation in the Strait of Hormuz could, even in the best-case scenario, reduce global economic growth from 3.4% to 3.1%. Furthermore, inflation rates are rising and international trade is slowing, further straining both major and emerging economies.
