EconomyLens.com
No Result
View All Result
Wednesday, June 18, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

IMF, World Bank warn Gaza war, Red Sea attacks imperil global economy

David Peterson by David Peterson
February 12, 2024
in Economy
Reading Time: 5 mins read
A A
11
19
SHARES
235
VIEWS
Share on FacebookShare on Twitter

Dubai (AFP) – The IMF and World Bank warned on Monday 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 has already hit the Middle East and North Africa region’s economy, said the International Monetary Fund’s managing director Kristalina Georgieva.

Its knock-on effects could impact the world the longer the fighting drags on, Georgieva told the World Governments Summit, an annual gathering of business and political leaders in Dubai.

Related

UK inflation dips less than expected in May

Taiwan’s entrepreneurs in China feel heat from cross-Strait tensions

US Fed set to hold rates steady as it guards against inflation

Bali flights cancelled after Indonesia volcano eruption

EU chief says pressure off for lower Russia oil price cap

“I fear most a longevity of the conflict because, if it goes on and on, the risk of spillover goes up,” she said. “Right now we see a risk of spillover in the Suez Canal,” she said, as Yemen’s Iran-backed Huthi rebels have attacked Red Sea shipping leading to the crucial maritime passage.

The Huthis say they are targeting what they consider Israeli-linked shipping in solidarity with Palestinians in Gaza, pushing some cargo carriers to take longer and more expensive routes to avoid attacks.

The UN Conference on Trade and Development warned late last month that the volume of commercial traffic passing through the Suez Canal had fallen more than 40 percent in the previous two months.

Georgieva said that if there are other “consequences in terms of where the fighting goes, it could be more problematic for the world as a whole”. On a personal note, she added that “as a woman, as a mother, grandmother…I pray for peace”.

The Gaza Strip has been under intense Israeli assault for over four months, in retaliation for the October 7 Hamas attack on southern Israel. Hamas’s unprecedented attack resulted in the deaths of about 1,160 people, mostly civilians, according to an AFP tally based on official Israeli figures. Israel vowed to destroy the militant group and launched air strikes and a ground offensive that have killed at least 28,340 people, mostly women and children, according to the health ministry in the Hamas-run territory.

Despite the war-related uncertainties, Georgieva said the IMF is “very confident that the world economy is now poised for this soft landing we have been dreaming of”. “I expect to see by mid-year interest rates going in the direction inflation has been going for the last year now,” she said, when asked about interest rates being cut in leading economies.

Also speaking at the summit, World Bank President Ajay Banga said that “what’s going on Gaza, but also the challenges of Ukraine…and the Red Sea” are among the top challenges to the global economic outlook. When “you add these variables to what is already turning out to be probably the lowest growth of the last 35, 40 years…that’s something we’ve got to keep a close eye on,” he said.

Tags: Gaza warglobal economyMiddle East
Share8Tweet5Share1Pin2Send
Previous Post

Court orders Netherlands to stop F-35 parts delivery to Israel

Next Post

European stocks mostly rise as earnings give way to data

David Peterson

David Peterson

Related Posts

Economy

Spain says ‘overvoltage’ caused huge April blackout

June 17, 2025
Economy

Trump says EU not offering ‘fair deal’ on trade

June 17, 2025
Economy

UK automakers cheer US trade deal, as steel tariffs left in limbo

June 17, 2025
Economy

Global oil demand to dip in 2030, first drop since Covid: IEA

June 17, 2025
Economy

US retail sales slip more than expected after rush to beat tariffs

June 17, 2025
Economy

Why stablecoins are gaining popularity

June 17, 2025
Next Post

European stocks mostly rise as earnings give way to data

Gunman kills three at Greek shipping company

Global stocks mixed ahead of inflation data

UAE defends Israel ties as Gaza war concerns grow

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
11 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Made in Vietnam: Hanoi cracks down on fake goods as US tariffs loom

June 18, 2025

Oil rises, stocks mixed as investors watch rates, conflict

June 18, 2025

Iranians buying supplies in Iraq tell of fear, shortages back home

June 18, 2025

Oil prices dip, stocks mixed tracking Mideast unrest

June 18, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.