The World Bank has lowered its growth forecast for Gulf Cooperation Council (GCC) states to 1.3%, a decline of 3.1 percentage points, while the IMF has cut its forecast for growth in the Middle East and East Africa to around 1.1-1.4%.
Some of the worst-hit Gulf economies, such as Qatar, Kuwait and Bahrain, are expected to contract.
Future investments and projects are now being reviewed, postponed, or cancelled.
The same applies to Asia, the world's largest oil-importing region. Dependence on Gulf oil generally exceeds 60% in countries such as China, India, Japan, and South Korea, but in countries such as the Philippines, it is as high as 95%. The disruption has led to lower growth forecasts across the board.
Europe is also struggling. Problems in its chemicals and fertilizer industries threaten the economic recovery of countries such as Germany and Italy.
Inflation is rising in the US, Canada, and Europe, weakening their currencies. Global trade growth is slowing from 4.7% to 1.5-2.5%, according to UN estimates.
When Trump's war ends, recovery will not follow a straight line. Some technical damage can be repaired within months; other damage may take years. Restoring confidence may take longer still.