Fake Off – For over a month, tensions have made the passage of the Strait of Hormuz impossible for many oil tankers and merchant ships. Several publications on social media claim that this is putting the economy of many countries at risk.
“If the situation does not return to normal by May, the global economy will be hit by a historic crisis.” Some internet users have recently started listing the possible impacts of the blockade of the Strait of Hormuz in several social media posts, mainly focusing on Asian and Oceanic countries outside of Europe.
South Korea could transition to a “war economy”, and without the strait reopening in the coming months, Australians may have to “ration” to “save agricultural crops.” Countries like Sri Lanka, the Philippines, Thailand, and India have reportedly begun implementing “emergency measures” such as a maximum quota for gasoline purchases and intermittent air conditioning cuts to reduce energy consumption.
“Energy crisis,” “global recession”… Can the blockage of this single strait really have the power to cripple the economies of so many countries?
Fake Off
Plastic Struggles in South Korea
While there is currently no talk of a “war economy” in South Korea, real issues regarding the production of certain products are starting to emerge. This is particularly true for trash bags and the overall plastic industry chain. The Korean Plastic Industry Federation sounded the alarm on March 25, announcing that industry players in the chemical sector…
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