Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli Home Front: Missile launch toward 'Israel' detected
Iranian air defenses in East Azerbaijan Province thwarted several Israeli air attacks from last night until this morning
Atomic Energy Organization of Iran: Speculation surrounding the recent attacks on Iranian nuclear sites is unfounded and lacks credible evidence
Ritter to Al Mayadeen: Trump has put the international community in a state of threat
Ritter to Al Mayadeen: Trump's theatrical demonstration to save face, but he achieved nothing noteworthy
Democratic Representative Nancy Pelosi: Trump ignored the Constitution in his strikes on Iran
Scott Ritter to Al Mayadeen: Trump’s strikes on Iran are a sow of force
National Nuclear Safety System Center statement: Radiation detection systems reported no signs of contamination, according to recorded data
Iran’s National Nuclear Safety System Center: There is no threat to residents living near the Fordow, Natanz, and Isfahan nuclear facilities
Saudi Arabia's Nuclear and Radiological Regulatory Authority: No radiation leak detected after US attack on Iran's nuclear facilities

Israeli aggression driving global recession, Wall Street giants say

  • By Al Mayadeen English
  • Source: Sunday Times
  • 6 Nov 2023 10:37
  • 2 Shares
4 Min Read

The Israeli aggression on Gaza has had far-reaching effects on the occupation's economy, as well as the global economy, as uncertainty looms.

  • x
  • The Israeli aggression on Gaza as pushing the world to a global recession.
    Israeli Prime Minister Benjamin Netanyahu gives an address at the London Stock Exchange in the City of London, United Kingdom, November 2, 2017 (AP)

Ongoing and wide-ranging confrontations in the Middle East could set in motion a global recession, two of Wall Street's biggest names have warned.

Larry Fink, the chief executive of Blackrock, the world's largest asset manager, stressed that geopolitical instability will lead to a withdrawal in consumption, aggravating the risk of European and American recession.

"Geopolitical risk is a major component in shaping all our lives. We are having rising fear throughout the world, and less hope," Fink explained to the Sunday Times.

Fink pointed to the Israeli aggression on the Gaza Strip and the war in Ukraine as two of the main factors that have influenced the global economy.

"Rising fear creates a withdrawal from consumption or spending more. So fear creates recessions in the long run, and if we continue to have rising fear, the probability of a European recession grows and the probability of a US recession grows."

On his part, Jamie Dimon, the chair of JP Morgan, the United States' largest bank, pointed to the Sunday Times the same factors, saying that they were "quite scary and unpredictable."

"What’s happening on the geopolitical front right now is the most important thing for the future of the world – freedom, democracy, food, energy, immigration," Dimon asserted.

Earlier, Dimon had claimed that this is "the most dangerous time the world has seen in decades," as the realization of potential conflicts in the Middle East draws closer, due to "Israel's" brutal policies.

Related News

Israeli Gaza airstrikes kill children, aid seeking civilians

EU flags 'Israel' human rights breach in association pact: Reuters

The financier said escalation could have "far-reaching impacts" on energy prices, food costs, and international trade.

Read more: Israeli economy continues to deteriorate as Al-Aqsa Flood proceeds

'Israel' breaks its own economy

Earlier this month, Israeli media reports confirmed that the occupation's Tamar gas field had been shut down soon after the launch of Operation Al-Aqsa Flood on October 7.

The field, located 80 kilometers off the coast of occupied Haifa in Palestine, did not have sufficient protection in case of potential attacks.

Israeli website, Calcalist, underscored that "the billions spent by the state ("Israel") on defense do not provide the goods, and a flare-up in the northern arena could also disable Leviathan," one of the largest gas fields in the eastern Mediterranean located 47 kilometers to the southwest of Tamar.

"Israel's" continued aggression on the Gaza Strip has also led to a sharp decrease in the occupation's gas exports to Egypt for refinement. According to Calcalist, "Gas exports to Egypt dropped by about 70% during the war."

On a macro level, Israeli companies experienced a significant drop of 50% in total revenues since October 7. Notably, the construction and food services sectors were the hardest hit, with more than 70% of the surveyed companies reporting a revenue decrease of over 70%.

The construction sector, heavily reliant on Palestinian labor, suffered a severe blow, particularly due to the restriction on Palestinian entry into occupied territories from the West Bank and the Gaza Strip. 

The occupation's economic crisis is expected to deepen in the future, as vital sectors, including tourism, trade, construction, and energy exploitation, continue to take major blows amid continued retaliatory attacks from the Gaza Strip, Yemen, Lebanon, and Iraq.

Read more: Moody's predicts 'Israel' inflation to jump to 6.8%, GDP growth 1.4%

  • Gaza Strip
  • Global economy
  • BlackRock
  • Operation Al-Aqsa Flood
  • Palestine
  • Israel
  • Israeli economy
  • Jamie Dimon
  • Gaza
  • Larry Fink
  • JP Morgan
War on Gaza

War on Gaza

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS