Many of the world’s economic crises of recent years have been about supply chains. Pandemic lockdowns, the war in Ukraine, and the overall surge in global inflation all impacted, or were impacted by, the flow of global trade and the myriad moving parts that keep it all going. Attacks on container ships in the Red Sea are continuing. There are fears that the situation could escalate further, potentially wreaking havoc on supply chains and the global economy. As 2023 turns to 2024, a new threat to global supply chains has emerged in the Red Sea. The world’s largest container-shipping companies have been pausing or suspending their services in the area because of the increasing number of attacks on ships there by Iran-backed Houthi rebels operating from Yemen. Is the world economy likely to stagnate ?

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