Global recession, economic crisis due to Israel-Hamas war

Washington: If the Israel-Hamas war, which is currently limited to the Gaza Strip, expands or the United States and Iran are drawn into this war, it will lead to recession and economic crisis in the world. Renowned economic analyst Jim Rickards has indicated that fuel prices will jump to $150 per barrel. Also, Rickards recalled the already disrupted state of the economy of the United States. Some analysts fear that if the Israel-Hamas conflict continues for too long, important sea routes for global trade will be disrupted, and this will lead to a huge rise in the prices of fuel and its products around the world. These analysts also called for vigorous efforts to stop the Israel-Hamas war.

The Israel-Hamas war continues for the third week. The entire world has appealed to stop this conflict. However, Hamas and Islamic Jihad terrorists are targeting Israel’s Tel Aviv and Ashkelon cities from Gaza. Besides, Hamas terrorists are provoking Israel by

releasing the videos and photos of kidnapped Israeli citizens. For this reason, Israel has continued to attack Gaza. On Friday, the Israeli army sent tanks and launched heavy attacks on Hamas positions in the Gaza Strip.

Moreover, unsettled by this action initiated by Israel against Hamas, Iran has threatened Israel. Iran has warned that Lebanon’s Hezbollah is ready to attack Israel. Also, Iran had threatened that if the United States entered this war, it would have to face serious consequences. Renowned US economic analyst Jim Rickards has expressed concern over the possible involvement of the United States and Iran in this Israel-Hamas war.

Furthermore, Rickards has warned that if the Israel-Hamas war erupts, the price of fuel, which was at $90 per barrel, will jump to $120 or $150. Records indicated that this will be a big challenge for the US economy, which is already facing a shutdown crisis. Records also recalled that the fuel crisis that arose due to the Russia-Ukraine conflict persists. The Biden administration has opened the way for ‘de-dollarisation’ by excessively using sanctions on Russia.

‘He used the dollar as a weapon. Because of this, there is a possibility of our allies using the dollar as a weapon in the days to come. ‘We are losing the Ukraine economic war’, Rickards said as he bluntly criticized the Biden administration’s economic policy. Earlier, the US leaders and analysts had also condemned the economic policy of the Biden administration.

Rickards is not the first analyst to suggest that the Israel-Hamas war would lead to a global recession and economic crisis. Two days ago, International Monetary Fund chief Kristalina Georgieva had also warned that this war would have a direct impact on countries, which are facing economic crises like Egypt, Lebanon and Jordan. Meanwhile, European analysts have also warned that the global economy will face recession due to the Israel-Hamas war.

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