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Concern over the recent escalation of tensions between Palestinians and Israelis have been temporarily relieved after Palestin
ian leaders in Gaza agreed a cease-fire with Israel early on Monday. Right now, nothing is more important than u
pholding the cease-fire as the atmosphere between the two rivals has not been so combustible since 2014.
Since Friday, militant groups in Gaza have fired more than 600 rockets a
nd other projectiles at southern Israeli cities and villages, killing four Israeli civilians, wit
h Israel retaliating with air and artillery strikes, killing 27 people, including 14 civilians, in Gaza.
The latest border clashes, the most deadly since 2014, have occurred against the backdrop of the changing Middle East po
licy of the United States, which has seen the US drop any pretense of impartiality and make clear its support of Israel.
integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.