Date: 23/02/2024

Gaza war, Red Sea attacks threat to world economy: IMF, WB

The International Monetary Fund (IMF) and the World Bank have warned that the Gaza war and the related attacks on shipping through the Red Sea pose threats to the global economy. The Israel-Hamas war raging since October 2023 has already hit the Middle East and North Africa region’s economy, said the IMF’s Managing Director Kristalina Georgieva recently. Its knock-on effects could impact the world the longer the fighting drags on. She feared most the longevity of the conflict because, if it goes on and on, the risk of spillover goes up. Right now, there is already a risk of spillover in the Suez Canal. 
World Bank President Mr Ajay Banga also said recently that not only what’s going on in Gaza, but also the happenings in Ukraine and the Red Sea are among the top challenges to the global economic outlook, as per a report.
Source: Exim News Service: Washington, Feb. 22