ADB: Trade impact of Middle East conflict more severe than Russia-Ukraine, Covid-19

The ADB warned that the economic impact of the conflict in Iran is significantly more severe than the Russia-Ukraine war and the Covid-19 pandemic, primarily due to unprecedented oil supply shortages. This is driving up energy prices and impacting sectors like agriculture and tourism. The ADB is deploying a new financial instrument to support the supply of essential goods and provide financing to the private sector.