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Italy’s Finance Minister expresses worry among G7/G20 nations over the Middle East crisis, highlighting global concern.

Anxiety among Major Economies over Middle East Crisis

MARRAKECH: Concerns Mount as Middle East Crisis Escalates

There is growing unease among the world’s major economies regarding the repercussions of the recent Middle East crisis, particularly the attack on Israel last week. Giancarlo Giorgetti, Italy’s economy minister, expressed deep concern during the annual meetings of the World Bank and International Monetary Fund in Marrakech.

Market Worries and Italy’s Economic Outlook

Giorgetti, speaking on the sidelines of the event, expressed his worries regarding several factors, including market stability, after Italy’s decision to elevate its deficit targets for the 2023-2025 period. He acknowledged that while a sovereign debt downgrade was not a certainty, it could not be ruled out either.

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“Who can rule it out? Can I rule out that I’ll trip if I start walking?,” he humorously remarked.

Italy’s Challenging Budget for 2024

Next week, Italy is set to unveil a challenging 2024 budget aimed at reducing taxes for workers and improving financial support for women seeking to start families. However, concerns are mounting in the market over Italy’s public debt, adding to the complexity of the task at hand.

Middle East Crisis Amplifies Global Instability

Giorgetti highlighted the discussions at the Marrakech meetings regarding the far-reaching consequences of the Middle East conflict, both in terms of global geopolitical stability and economic implications.

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“The real problem is to be able to contain the (Middle East) crisis as much as possible so as not to create another element of infection on top of Ukraine’s crisis,” Giorgetti expressed to reporters.

Israel’s Call for Relocation Amid Escalating Attacks

Israel’s military has urged over 1 million residents of Gaza City to move south within 24 hours, following the recent attacks by Hamas militants that claimed the lives of more than 1,300 Israelis, predominantly civilians. Retaliatory attacks have already resulted in the deaths of over 1,500 Palestinians.

Amidst the escalating situation, it is crucial for world leaders and economists to work towards finding a resolution that safeguards both regional stability and global economic prosperity.

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