Iran's Economy Crumbles After Bombings

0:00On April 29th, Iran's economy is grinding to a halt after over 5 weeks of U.S. and Israeli bombings that wrecked around 20,000 factories. About one-fifth of the country's production sites, key industries like steel and petrochemicals have shut down completely, killing off major non-oil exports and spiking prices everywhere. Chicken meat, up 75 percent, beef and lamb, 68 percent, dairy products 50 percent. People say at least 1 million jobs are gone already, with 10 to 12 million more at risk, that's half the workforce. Earlier this week, details emerged on how these hits paralyzed giants, like Mobaraka and Kuzasthan steel plants, plus over 50 petrochemical. Complexes, right before the April 8 ceasefire kicked in. U.S. pork blockades are now choking imports and oil exports worth billions, while Iran's own strikes on UAE trade routes cut off vital supplies even. Sooner, folks on the ground are feeling the squeeze hard-carpet makers in Koshan, the

1:03rug capital, have 80 percent of factories idle, families losing, work, and even well-off engineers scrambling as construction stalls and savings dwindle. Protests rock the streets back in January, over inflation, crushed by authorities, and experts warn economic pain could spark them again. Meanwhile, Iran's playing its cards with control over the strait of Hormuz, vowing to keep it shut until blockades lift and fighting stops, betting. Decades of sanctions built their self-reliance to outlast the pressure. They've got stockpiles, enough electric gear for eight months, cement for six, steel for four, ready to ration if needed. Leaders promise beefed up unemployment aid, but with social safety net strain and sanctions looming large, recovery hinges on peace and ending. Those global curbs, otherwise, the tough road ahead looks endless. That's the story for today, Global News Today, driven by AI, I'm Corey with The Story.