Imminent economic collapse!

Imminent economic collapse!

Economical  01/29/2024
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Yasser Al-Metwally 


Will the world witness an imminent economic collapse?
Global events and tensions in most countries herald a possible economic collapse. This prediction is agreed upon by most economists around the world.
Perhaps the global war scenario that was defused at the end of last year was the result of China’s rational reduction in its dealings with the Taiwan problem, and it was able in the last moments to overcome it at a time when indicators, indications, and experts’ expectations confirmed it, and the Ukrainian-Russian war was one of its most prominent causes.
Now, Israel is reproducing it and it seems that it is leading the world to something of undesirable consequence, burning the dry and green.
The war of annihilation led by Israel and its continuing insistence and brutal and sinful aggression against Gaza and the already stolen Palestinian territories has cast its shadow over the Middle East region, as it opened all fronts wide as a result of its brutal, aggressive behavior and led to the ignition of the entire region, adding to the tensions and events on the other side of the world.
I will focus my article on the potential economic effects that may cause the expected collapse if events continue at this pace.
The events affecting global trade routes and their important corridors, especially in the Red Sea, Bab al-Mandab, and the Suez Canal, will have a significant impact on restricting supply chains. This picture brings us back to the events and effects of Corona in disrupting global trade, but the effects of these events will be many times greater than what resulted from them at the time.
These events portend a possible economic recession that will cause painful economic impacts for both supplying and importing countries alike.
It is true that the effects will be distributed differently from one country to another according to their ability to withstand, but most of those affected by this phenomenon are poor and developing countries, and those most affected are their people without a doubt.
Perhaps the reluctance of many transport and maritime shipping companies and stopping their activity until an indefinite notice will inevitably cause a shortage of food and medicine, as well as most goods and services related to the sustainability of life. Perhaps one of the effects of the potential contraction is the loss of thousands of job opportunities among the countries of supply as well as import, and here this phenomenon will form. The biggest indicator of the possibility of the expected economic collapse.
What effects will it have on the Iraqi economy?
At a time when Iraq seeks to achieve economic advancement and emerge from economic dependency, the results of these accelerating events will cast a shadow on the Iraqi economy.
This is because the interruption of supply chains and the cessation of transport companies means a decline in oil exports and a decline in its production. Since Iraq’s budgets are a single source of funding, you can imagine the size of the problem that Iraq will face. Here I am not talking about oil prices, but rather the decline in its oil exports and the global price increases it will cause, especially food and medicine.
In addition to the above, Iraq depends on importing approximately 80 percent of its needs for agricultural commodities 
Due to the absence of productive sectors in this aspect.
From this, we conclude that the effects that the global economic collapse will have are dire. Therefore, we repeat our calls for the importance of adopting a protectionist approach to provide for the country’s needs by revitalizing the productive sectors and focusing on the agricultural sector to mitigate the effects of the crisis.

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