The effects of the war between Israel and Hamas on human rights and the global economy

The Israel-Hamas war a longstanding geopolitical dispute has taken a significant toll on the region with repercussions felt not only locally but globally. As we approach 2024, the implications of this conflict particularly in terms of human rights and economic impact ar becoming increasingly profound.

In this respect the human rights situation is alarming particularly in Gaza and Israel. The Israeli blockade has seriously restricted the movement of people and goods, leading to shortages of essential supplies, including food, water, electricity, and medical supplies. This blockade constitutes a collective punishment of the people in Gaza, impacting their rights to health, education, and an adequate standard of living. The forced displacement of civilians also raises serious concerns about potential violations of international law. Both sides have faced accusations of violating human rights with civilians bearing the brunt of the violence and instability.

Then, the Palestinian economy is already under significant strain due to previous conflicts, blockades, and internal political strife. The current war has exacerbated these issues with direct consequences on infrastructure, healthcare, and the overall living conditions in Gaza. The destruction of properties, businesses and key infrastructure is resulting in massive economic losses increased unemployment and poverty. For Israel while the economy is more robust the conflict still directs substantial financial resources toward military expenditures and repairs of damaged infrastructure, potentially affecting public investment in other sectors and international trade relationships.

In addition, the destructive and direct effects of this war on trade, investment and regional stability will also affect the global market. The uncertainty could deter foreign investment not only in Israel but in adjacent markets due to concerns about broader regional instability. This effect is already visible with a reported 60% plunge in foreign investment in Israel and notable volatility in the shekel’s value.

In fact, estimates suggest that the conflict could cost the global economy approximately $1 trillion considering factors like disrupted trade routes increased insurance costs for shipping and heightened energy prices among others. Israel’s national economy is under strain with increased military spending the potential for lower tax revenues, and broader economic disruptions. These factors could lead to budget deficits and economic austerity further exacerbating global economic concerns.

Furthermore, there’s concern that the war could undermine environmental initiatives in the Middle East potentially impacting global climate change efforts and economic strategies tied to sustainability.

The international community’s role is crucial in mediating the conflict, providing humanitarian aid and holding accountable those responsible for human rights violations. The situation necessitates urgent attention and action to prevent further humanitarian and economic collapse and to protect the fundamental rights of all individuals involved. The war’s escalation poses a threat to the global economy and human rights.

Ref.

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3. LinkedIn – Gaza war could cost global economy $1 trillion
4. Carnegie Endowment for International Peace – How the Israel-Gaza War Could Disrupt the Middle East’s…
5. The New York Times – Prospect of Prolonged Israel-Gaza War Adds Economic…
6. Outlook India (Business) – Israel To Avoid Credit Rating Being Downgraded Despite…
7. CNN – October 13, 2023 – Israel-Hamas war news
8. United Nations Press – Recent Deadly Escalation between Israeli Forces, Palestinian…
9. AP News – Israel-Hamas war: Week 1 updates
10. Ministry for Foreign Affairs of Finland – Finland’s country strategy for Palestine 2021–2024
11. The Financial Express – Israel, Gaza and Palestine–unacceptable dimension
12. International Monetary Fund – West Bank and Gaza