ISTANBUL, May 18. /TASS/. The Iran conflict is crushing the global economy, Turkish President Recep Tayyip Erdogan said.

"The extent of the damage caused by the shockwave that has swept across the world like a tsunami cannot yet be accurately assessed. An even more alarming aspect is the fact that such a situation gives birth, on a global scale, to a speculation-based economy, creates a system of profiteering that relies heavily on speculation and market manipulation. However, in the case of Iran, the situation has gone beyond what is acceptable and has had a devastating effect on the health of the global economy," he said in an address to the nation aired by the TRT Haber television channel.