Will Syria Crisis Impact on World Economy
Recently we are reading lot of new on Syria which is a country in south Asia. US is planning to take military action against Syria due to chemical attack. But this has a mixed reaction all over the world and there is a fear of world economy being impacted. We would like to share our views on this and would you all to share your opinion.
We are providing the basic details on what Syria crisis is and why US is planning to attack Syria.
1) What is Syria crisis?
According to US and France, Syria have used Chemical agent to kill 1429 including 426 children near capital Damascus. This is the same type of chemical which US has always objected and Bush Jr, have attached Iraq in 2003.
2) Why do US want to attack Syria?
According to US and some western countries the chemical used by Syria can be misused to destroy the humanity, these kinds of products and state using these needs to be crushed
3) What does the world think of attacking Syria by US?
There is a common understanding around the world about non usage of the potential chemical agent used. But world is divided on the issue of US attach on Syria and US and France are openly supporting the attack. UK does not seem to be in favour of any attack to Syria. While Russia says US’s claim of Syria possessing Chemical weapon is false.
4) What would be the economy impact by this war?
Since Syria is a Middle East oil producing country a potential result would be increasing the oil prices up to an all time high of $150/barrel. This will impact all over the world as oil prices will shoot which will directly increase per capita cost.
5) Impact on Indian economy?
Since India is a major oil importing country a potential increase of about 50% in oil prices would be possible and will increase the price of commodities and all the basic needs that a common man looks for. Further this will directly impact the fiscal deficit which is increasing day by day as Indian rupee is deprecating day by day. IF oil prices increase then it will directly impact the Indian economy and we may come to a very bad situation.
We would recommend all our readers to present their views on this.