New UN report urges action to restore navigation through Strait of Hormuz

DUBAI 22°CGOLD/FOREXPRAYER TIMESNEWSLETTERSLOGIN GOLD/FOREXDUBAI 22°CPRAYER TIMES WORLDWORLDGULFMENAEUROPEAFRICAAMERICASASIAAUSTRALIA-NEW ZEALANDCORRECTIONS World / MenaNew UN report urges action to restore navigation through Strait of HormuzHormuz maritime traffic comes to a near-standstill, inflicting pain on global economy NEW YORK: The United Nations Conference on Trade and Development (UNCTAD) confirmed in a new report released Wednesday that maritime navigation through the Strait of Hormuz has nearly come to a standstill, recording a 95% decrease in the number of vessels passing through daily over the past month. In statements made by UN Spokesperson Stéphane Dujarric, he expressed regret over the impact of this development, noting that the disruption is expected to reduce annual trade growth in goods by at least 1% and drive up inflation due to rising crude oil prices. Citing the UNCTAD report, Dujarric also projected a decline in global GDP to approximately 2.6% by year-end, alongside stock market volatility and currency devaluations in developing nations. He highlighted UNCTAD’s call for governments to implement a policy mix to stabilise price levels amid mounting inflationary pressures, particularly on vulnerable populations. This includes measures to enable development banks to provide emergency loans. Responding to journalists, Dujarric emphasised that the United Nations is striving to restore freedom of navigation in the Strait of Hormuz. He reminded that this is not only a demand from the Secretary-General but also from the Security Council. "The Council has issued a resolution on this matter," he said, pointing to the mechanism proposed by the Secretary-General and led by his recently appointed Personal Envoy to explore ways to restore peace to the region as a whole. Gargash: UAE may help secure Strait of Hormuz UAE welcomes IMO Council’s resolution on Hormuz Strait Global leaders condemn Iran actions in Strait of Hormuz About 90 ships cross the Strait of Hormuz despite war Hormuz hangs in balance as Trump eyes quick Iran exit Iran blocking Hormuz oil is 'global economic extortion' Iran’s naval mine play in Hormuz: Key facts explained UAE welcomes IMO Council’s resolution on Hormuz Strait