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Market
Impact on EU-Israel economic relations post Palestine recognition
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Spain•Ireland•Norway•Palestine•Gaza Strip•West Bank•East Jerusalem•Spanish•Pedro Sanchez•European Union•Israel•Sanchez•UN•Palestinian•Gaza•Palestinians
Resolution / Starting Odds
Significant deterioration • 33%
Moderate impact • 33%
No significant impact • 34%
Economic reports from EU and Israeli trade organizations or major financial news outlets
Story
Spain, Ireland, and Norway Recognize Palestinian State with East Jerusalem as Capital Amid EU-Israel Rift
May 28, 2024, 10:52 AM
Spain, Ireland, and Norway have officially recognized the state of Palestine, including the Gaza Strip and the West Bank, with East Jerusalem as its capital. The decision, announced by Spanish Prime Minister Pedro Sanchez on May 28, comes amid a widening rift between the European Union and Israel, which has condemned the move. Sanchez emphasized that the recognition is not against anyone but is aimed at promoting peace and justice. Ireland also announced the establishment of full diplomatic relations with Palestine, including the appointment of an ambassador. Norway's decision came into effect simultaneously. The recognition aligns these countries with over 140 UN member states that have acknowledged Palestinian statehood. This development follows seven months of conflict in Gaza. Sanchez also stated that Spain would not recognize changes to the 1967 borders unless agreed upon between Israel and the Palestinians.
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Improved economic relations • 33%
Deteriorated economic relations • 33%
No significant change • 34%
Improve • 33%
Worsen • 33%
Remain unchanged • 34%
Increase in trade with Middle Eastern countries • 25%
Decrease in trade with Israel • 25%
No significant change • 25%
Increase in trade with non-Middle Eastern countries • 25%
Positive economic impact • 33%
Negative economic impact • 33%
No significant impact • 34%
Deterioration of relations • 33%
No significant change • 33%
Improvement through new agreements • 33%
Significant deterioration in relations • 25%
Significant improvement in relations • 25%
No significant change in relations • 25%
Increased isolation of Israel • 25%
Significant deterioration • 25%
Mild impact • 25%
No impact • 25%
Improvement in relations • 25%
Economic sanctions • 25%
Diplomatic actions • 25%
Military support adjustments • 25%
No significant action • 25%
Positive • 33%
Neutral • 34%
Negative • 33%
Severe economic decline • 33%
Moderate economic decline • 33%
Minimal or no economic impact • 34%
Significantly advances peace negotiations • 33%
Moderately advances peace negotiations • 33%
No impact on peace negotiations • 34%