ICC warns of ‘worst industrial crisis in living memory’

The US-Israel war on Iran could cause the “worst industrial crisis in living memory”, warns John Denton, head of International Chamber of Commerce, reports AL Jazeera.

“The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s,” said Denton.

“From a business perspective, we believe this could yet become the worst industrial crisis in living memory �" not only because of surging energy prices, but because industrial production itself is being disrupted and dislocated by shortages of gas and other essential inputs”.

Denton was speaking on the eve of the meeting of World Trade Organization ministers in Yaounde.