It’s almost two months since the United States and Israel went to war with Iran. And in spite of a ceasefire the vital Strait of Hormuz through which 20 per cent of the world’s oil and liquefied natural gas passes on tankers, is still effectively closed. The oil price remains high, affecting economies around the world. The most recent assessment from the International Monetary Fund warned that the war could throw the world economy “off course” and a prolongued conflict risked causing a global recession. David Aaronovitch asks what this means for us now and whether an end to the conflict could re-set the world’s economies or have conditions changed for good?

Guests:

Joseph Stiglitz, American economist and recipient of the Nobel Memorial Prize in Economic Sciences and Professor at Columbia UniversityDuncan Weldon, author and economistDiana Choyleva, economist and founder of Enodo Economics.

Presenter: David Aaronovitch

Producers: Caroline Bayley, Sally Abrahams, Kirsteen KnightProduction Co-ordinator: Maria OgundeleSound engineer: Neil ChurchillEditor: Richard Vadon