JAKARTA - The UK's economic growth in 2027 could only reach 0.3 percent of GDP if the Strait of Hormuz remained closed to shipping lanes until the end of 2026, Bloomberg reported based on the UK Ministry of Finance's (HMT) internal modeling simulation.
In the ministry's worst-case scenario - in which the United States and Iran fail to reach a peaceful agreement so that the Strait of Hormuz is completely closed until the end of 2026 - UK GDP growth in 2026 is projected to be held at 0.9 percent, lower than the March forecast of 1.1 percent.
As reported by ANTARA from Sputnik, Thursday, August 13, in this scenario, consumer inflation in the UK is expected to surge and peak in the first quarter of 2027 at 4.3 percent, which will further squeeze people's living costs.
In early August, US President Donald Trump announced the cancellation of an attack on Iran following the strengthening of the prospects for a peace deal, which included reopening the Strait of Hormuz as well as restrictions on the nuclear program.
The Iranian Foreign Ministry stated that it and Oman had agreed on the geographical details of the ship's navigation route that would cross the strategic strait.
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