Saudi Arabia cautions Gaza war impacting global economy

Saudi Arabia cautions Gaza war impacting global economy

During a special meeting of the World Economic Forum (WEF) in Riyadh, Saudi Arabia's Finance Minister Mohammed al-Jadaan issued a warning about the potential economic fallout stemming from the war in Gaza and other global conflicts, such as the situation in Ukraine. Al-Jadaan emphasized the strain these conflicts place on the global economic sentiment. The summit was attended by key figures including US Secretary of State Antony Blinken, Palestinian leaders, and officials from other countries actively seeking to mediate a ceasefire between Israel and Hamas.

The war in Gaza, which began with an attack by Hamas on southern Israel on October 7, has led to significant casualties, with reports of about 1,170 people killed, most of whom were civilians. In response, Israel's offensive has resulted in at least 34,454 deaths in Gaza, with the majority being women and children. Additionally, Israel has reported that 129 hostages seized by Palestinian militants remain captive. The conflict's repercussions are also evident in shifting economic ties, as indicated by the reduced trade volume between Türkiye and Israel, with Turkish entities cancelling sales and orders in response to the ongoing violence.

The WEF summit serves as a platform for international leaders to discuss pathways toward stability and the possibility of an independent Palestinian state. However, Israeli officials were not present at the summit. The global community continues to focus on finding a resolution to the conflict that would include a ceasefire and address the release of hostages.


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