Israel's strikes and Trump's blockade have battered Iran's economy

Key Points:

• U.S. and Israeli airstrikes have severely damaged Iran’s industrial base, hitting 20,000 factories including key steel and petrochemical plants, leading to halted production and crippling Iran’s two largest non-oil export sectors.
• The strikes, combined with a U.S. blockade of Iranian ports, have caused widespread economic disruption, with at least 1 million jobs lost directly and up to 12 million at risk, affecting industries from carpet manufacturing to construction.
• Prices for basic goods have surged dramatically, with chicken costs up 75%, beef and lamb up 68%, and dairy products rising by half, contributing to inflation and economic hardship for ordinary Iranians.
• Iran’s government claims resilience due to large reserves and overland trade routes, but economic experts warn that prolonged sanctions and blockades could deepen the crisis and potentially incite renewed protests.
• The future recovery of Iran’s economy heavily depends on the resolution of the war and the lifting of international sanctions, with industrialists expressing cautious optimism contingent on political developments.