Africa-Press – Lesotho. Bilal Shaib, an economic expert, confirmed that the American war on Iran is exacerbating existing crises such as the global debt crisis, energy and food issues, and climate change. He noted that the total global debt has surpassed $353 trillion, the highest in history.
Shaib added during a phone interview with a local source that the United States alone is facing debts exceeding $38 trillion, in addition to a structural deficit in its balance sheet estimated at $1.4 trillion. These figures are unprecedented in modern economic history.
He indicated that the continuation of the conflict could push oil prices to approach $150 per barrel, even if a ceasefire agreement is reached. He emphasized that recovery will not be swift and may take from six months to over a year, depending on regional developments.
He continued that the world has entered a phase of “economy of anxiety,” as economic analysis no longer relies solely on numbers and indicators but also on consumer and investor behavior amid uncertainty. He added, “People are afraid to buy or invest, and they don’t know what tomorrow holds; the numbers on paper have taken on a different meaning.”
The economic expert stressed that the upcoming Trump, coming from a background in finance and business, manipulates the global economy for domestic gains through policies such as tax cuts and tariffs, which have created a structural deficit in the American budget.
Bilal Shaib affirmed that these policies have undermined the principles of global free trade, reflected in rising unemployment and a slowdown in global economic growth. He warned that the continuation of the war could lead the world into a deeper recession not seen since the 2008 crisis.
