Experts warned that large-scale conflict between Israel and Palestine would constitute a major economic challenge not only for the region but also other parts of the world, according to the editorial of ICCB Quarterly News Bulletin, released on Sunday
“It would disrupt the entire supply-chain of basic commodities including oil, gas, food grains supplies and international trade” it said.
The current News Bulletin (Oct-Dec’ 2023) of International Chamber of Commerce-Bangladesh (ICCB) in its editorial also cites, tts containment hinges on the success of international efforts to prevent further escalation to the broader region. What is certain is that forecasts for the most directly exposed economies will be downgraded and that policies to buffer economies against shocks and preserve stability will be critical.
It is now almost three months that the war broke out between Israel and Hamas, the militant Islamist Group that has been controlling Gaza since 2006. Since 7 October, 2023 barbaric massacre of the Palestinian, in particular new born babies & children, women & civilians have been continuing. So far, a total of 21,822 Palestinians have been killed and 56,451 wounded.
Israel has ordered more than one million Palestinian civilians in northern Gaza to evacuate ahead of a ground invasion that began on October 28. Israeli forces have encircled Gaza City, cutting it off from southern Gaza and squeezing Hamas. The International Labour Organisation (ILO) estimates that this move eliminated around 208,000 jobs- about 24% of all employment in the West Bank.
Israel's agriculture and construction sectors are dependent on Palestinian and foreign workers who take on low-paid jobs that Israeli citizens refuse.
The conflict in Gaza and Israel is causing immense human suffering and also have consequences for the broader Middle East and North Africa region. This comes at a time when economic activity in the region was already expected to slow, falling from 5.6 percent in 2022 to 2 percent in 2023.
