Echoes of 1990-91? Energy shock revives concerns over economic stability
In some ways, the situation is eerily reminiscent of 1990-91. Back then, the US-Iraq-Kuwait war had sharply increased the global prices of oil and gas and thus delivered a serious terms of trade shock to all major oil-importing nations like India. Today, the three-month-old massive assault on Iran by America and Israel and the consequent closure of the Strait of…
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