The war in Iran, as one of the major geopolitical crises, has had profound and widespread effects on the global economy. In recent weeks, the global gas price has remained above $4, and there seems to be no sign of a decrease. This situation has not only affected the daily lives of people but has also challenged the economies of many countries.
Increase in Mortgage Rates and Living Costs
Alongside the rise in gas prices, mortgage rates are also rapidly increasing and are expected to reach 7% soon. This rate increase puts more pressure on individuals looking to buy homes and could lead to a decrease in demand in the housing market. Additionally, this situation directly impacts household incomes and presents them with serious financial challenges.
Consequences of Rising Transportation Costs
Companies are also forced to add transportation costs to their product prices due to rising fuel costs. This increase in costs is particularly evident in the food and consumer goods sectors, and it seems that this trend will continue in the near future. With rising living costs, people's purchasing power has diminished, which could lead to an economic recession.
Ultimately, this war has not only affected prices but has also caused instability in financial and economic markets. The future we face directly depends on how these crises are managed, and it seems that governments must take urgent actions to address these challenges.
