We’re Monitoring Impact Of Israel-Hamas War On World Economy – IMF

The International Monetary Fund says it is closely watching the global economic consequences of the ongoing Israel-Hamas conflict.

Kristalina Georgieva, Managing Director of the IMF, revealed this on Thursday during a news conference at the ongoing IMF and World Bank Group annual meetings in Marrakech, Morocco.

She stated that it is too early to predict the exact impact on the economy, but she acknowledged the “up and down of oil prices.”

The IMF’s managing director, on the other hand, described the scenario as “a new cloud darkening this horizon.”

“In terms of economic impact, we are very closely monitoring how the situation evolves, how it is affecting especially oil markets. It is too early to say. We have seen some ups and downs in oil prices.

“We have seen some reaction on markets. As I said, we will be closely monitoring this. Very clearly this is a new cloud on not the sunniest horizon for the world economy, a new cloud darkening this horizon that is not needed. Pray for peace,” Georgieva said.

“It is heartbreaking to see innocent civilians die,” she continued. An attack from one location against another, resulting in reciprocity in reaction.”

According to the IMF chief, the innocent suffer the consequences of the disastrous war.

According to Georgieva, huge shocks have become the new normal for a globe weakened by slow growth and economic fragmentation.

According to her, the series of shocks that have occurred since 2020 have reduced world output by $3.6 trillion as of this year.

Noting that the loss is not unequally divided, the IMF head stated that, while the United States has already recovered to prepandemic levels, the majority of the rest of the globe has not.

“Low‑income economies have been hardest hit because they have had extremely limited buffers to begin with, so it was hardest for them to protect their economy, to protect their people,” she added.

In a surprise onslaught early Saturday, Hamas militants entered Israeli settlements along the Gaza border and launched missile barrages, killing over 1,200 people.

According to Israel, Hamas has kidnapped more over 150 persons, including civilians and security forces.

“Thirteen prisoners… including foreigners” were killed in five locations targeted by Israeli fighter jets, the Ezzedine al-Qassam Brigades said in a statement.

Israel has rained air and artillery strikes on the blockaded Gaza Strip — a densely populated enclave of 2.4 million people — flattening buildings and killing more than 1,500 people.

According to the Hamas media office in Gaza, at least 500 children are among the dead.

Leave a Reply