Xi Jinping says the world order is ‘crumbling into disarray’

Key Points:

• Chinese President Xi Jinping and other global leaders are calling for stronger multilateral cooperation, signaling Beijing's intent to fill the international leadership void left by a more unilateral U.S. approach.
• BlackRock CEO Larry Fink warned that the outcome of the Iran war will critically impact global oil prices, with potential spikes to $150 per barrel if conflict persists, threatening widespread economic disruption.
• The Strait of Hormuz, a crucial passage for about 20% of the world's oil supply, has been heavily disrupted by the Iran conflict, causing ripple effects across energy, agriculture, and supply chains.
• The IMF has downgraded its 2026 global growth forecast to 3.1%, attributing the cut to the Middle East war, with a worst-case scenario of 2% growth risking a global recession, especially harming emerging markets.
• Despite these risks, the U.S. economy continues to grow robustly, challenging recession predictions, with economists highlighting that downturns are not inevitable and recent economic resilience may defy current pessimism.