It is too early to predict the economic effects of the Israeli-Palestinian conflict, according to U.S. Treasury Secretary Janet Yellen, who added that the impact would depend on whether the war expanded to other parts of the area.
We’re examining any possible economic effects of the conflicts. It’s too soon to predict if there will be big repercussions, she said, according to Sky News.
“I think importantly it depends on whether the hostilities extend beyond Israel and Gaza, and that’s certainly an outcome we would like to avoid.”
When asked if the United States and the West could afford another war, Yellen responded, “I think the answer is certainly. America can afford to stick with Israel and assist its military requirements. We are also obligated to aid Ukraine in its conflict with Russia.
The area is where many of the world’s oil reserves are located. Any unrest in the Middle East might cause changes in the price of energy globally, impacting both producers and consumers everywhere.
The 2023 Israel Conflict is a complex problem with ramifications for the entire world. We can understand this current issue by comprehending its historical backdrop, major participants, and prospective economic repercussions. The international community must keep working for a peaceful solution to stabilize the area.
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