Asia faces a second wave of energy shocks from the US-Israel war against Iran as initial measures based on a short conflict run short, with fuel, airfare, shipping and utility costs rising. The UNDP estimates $299 billion in economic losses to the Asia-Pacific region and 8.8 million people at risk of being pushed into poverty, while governments weigh costly subsidies against passing higher costs to consumers.
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About 8.8 million people are in danger of being pushed into poverty and the conflict may cause $299 billion in economic losses to the Asia-Pacific region, according to the United Nations Development Programme.
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About 8.8 million people are in danger of being pushed into poverty and the conflict may cause $299 billion in economic losses to the Asia-Pacific region, according to the United Nations Development Programme.
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Asian governments planned their budgets assuming the price of oil would average around $70 a barrel.
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But the war pushed the price of Brent crude to as high as about $120 a barrel.
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Thailand has already scrapped its diesel price cap as fuel subsidies dry up.
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The Philippines introduced a four-day work week and targeted subsidies to ease pressure, but businesses continue to face rising energy costs.
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Vietnam extended fuel tax cuts as jet fuel shortages forced flight reductions, threatening its tourism-dependent economy.
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India has urged citizens to reduce travel and fuel use, while concerns grow over fertiliser shortages and weaker rice production.
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