Israel war could have major impact on Europe’s economy – Goldman Sachs

The ongoing attacks in the Israel-Hamas war could have a major impact on economic growth and inflation in Europe, said Goldman Sachs on Saturday.

Unless energy price pressures remain contained, the European economy will face major implications, according to Goldman Sachs.

The ongoing attacks could affect European economies by lower regional trade, tighter financial conditions, higher energy prices, and lower consumer confidence, Europe Economics Analyst Katya Vashkinskaya said in a research note on Wednesday.

Vashkinskaya also said that the continent’s exposure is limited, due to the fact that the euro zone exports around 0.4 percent of the GDP to Israel and its neighbors.

Moreover, the British trade exposure is less than 0.2 percent of the GDP.

So far, the Israeli attacks on Gaza killed more than 9,400 innocent civilians in less than a month.