12:10 - 6.05.2026

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May 6, Fineko/abc.az. Turkish Finance Minister Mehmet Shimshek said that the ongoing blockade of the Strait of Hormuz is putting serious pressure on the global economy, increasing the risks of a global recession.

ABC.AZ reports that according to the minister, global inflation may rise to 5-6%, and financial conditions may tighten.

He noted that even with the cessation of hostilities, the effect remains because of the closure of the Strait. Oil prices are already approaching $100 a barrel, and in a negative scenario they may reach $110, which will further slow down global growth.

At the same time, Shimshek stressed that Turkey, thanks to diversification of energy sources and development of infrastructure (pipelines, LNG), is practically independent of the Strait of Hormuz and does not experience serious problems.