The South African Chamber of Commerce and Industry (SACCI) has cautioned that the ongoing Middle East conflict is undermining global economic recovery prospects, with potential ripple effects on South Africa.
In a statement on March 23, SACCI Chief Executive Officer, Alan Mukoki, noted that disruptions to key supply routes and global supply chains could destabilise financial markets and worsen inflation, interest rates, exchange rates, commodity prices, and overall economic growth.
He warned that such developments threaten South Africa’s recovery outlook and urged all parties involved in the conflict to pursue restraint and an immediate ceasefire through established multilateral frameworks.
Mukoki further called on the South African government to intensify diplomatic efforts with international partners, highlighting that the destruction of critical infrastructure, particularly in energy and water, has far-reaching global consequences.
The warning follows major attacks launched by the United States and Israel on Iran on February 28, which have disrupted global shipping routes and driven up oil prices, compounding economic pressures worldwide.