Bob Elliott argues that the global economy is decelerating rapidly, driven by the ongoing oil shock from the Iran deal impasse, and warns that without a swift resolution, most economies face a painful summer.
•Latest flash PMI data confirm the slowdown is accelerating globally.
•The ongoing oil shock, exacerbated by stalled negotiations between the US and Iran, is the primary driver.
•The author sees no immediate end to the disruption, suggesting continued economic pain ahead.