BRUSSELS, March 10 (Bernama-Xinhua) -- A top official of the European Union (EU) warned on Monday that a prolonged conflict in West Asia could spill over into the global economy, reported Xinhua.
Ahead of a Eurogroup meeting, European Commissioner for Economy and Productivity Valdis Dombrovskis said that the economic impact would remain limited if the conflict were contained quickly.
However, a more prolonged crisis, especially one disrupting shipping through the Strait of Hormuz and causing destruction in the energy infrastructure of the Gulf, could deliver "substantial stagflationary shock on the global and European economy," he said.
"Therefore, it's important to work to de-escalate the conflict as soon as possible," Dombrovskis added.
Dombrovskis noted that the European Commission was maintaining close contact with Gulf countries and stepping up economic outreach in support of a diplomatic solution to the Middle East conflict.
--BERNAMA-XINHUA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
