The conflict between Israel and Hamas brings economic risks that will worsen in the event of wider regional escalation. The war has overshadowed Israel’s long-term efforts to ‘normalise’ ties with Arab and Muslim countries, as it has unleashed intensely anti-Israel popular feeling across the region as a result of the dire humanitarian situation in Gaza.
Even without a major regional escalation, the Gaza conflict will hit non-oil Middle East countries hard, cutting tourist numbers, pushing up energy costs, and negatively affecting fiscal and current accounts. If the conflict does not widen beyond the Palestinian territories, the broader international economic and political impact will be limited. A wider regional conflict, however, would have serious implications for the global economy.
In our latest White Paper, Israel-Gaza War: Economic Risks of Conflict, we consider some of the key economic risks facing Israel, the Middle East and beyond, due to the ongoing conflict.
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