Goldman CEO "Worried About Middle East Conflict... US Economy to Land Softly"

David Solomon, CEO of Goldman Sachs, expressed concerns about the uncertainty surrounding the expansion of conflicts originating from the Middle East. However, he confirmed that the impact on business has not been significant so far. He remained optimistic about a soft landing for the U.S. economy.

[Image source=Reuters Yonhap News]

Attending Saudi Arabia's Future Investment Initiative, Solomon said in a Bloomberg TV interview in Riyadh on the 29th (local time), "The situation is somewhat worrisome." He added that the Middle East conflict is "not good for security, safety, or growth," and said, "I hope world leaders and governments can find a way to resolve this. Uncertainty is not good for economic growth and prosperity."

These remarks came amid ongoing concerns about the escalation of the Middle East conflict as tensions rise between Israel, which is already at war with Hamas in Gaza and Hezbollah in northern Lebanon, and Iran. As Israel had previously warned, it carried out retaliatory strikes targeting military objectives in Iran on the 26th. Although the market showed some relief since nuclear and oil facilities were excluded from the attacks, tensions could escalate at any time if Iran retaliates again.

Solomon also said, "So far, it has not had a major impact on activities in the region."

Alongside this, Solomon reaffirmed a bullish view on the U.S. economy. He assessed, "The U.S. economy is doing quite well" and "has very strong resilience." He also presented a "soft landing" as the base scenario and added that policy decisions after the November 5 presidential election will influence next year's outlook.

This content was produced with the assistance of AI translation services.