October 12, 2023
1 min read

Israel-Hamas War Affects Economy, Says IMF Chief

Chief said the International Monetary Fund was “very closely monitoring how the situation evolves”…reports Asian Lite News

International Monetary Fund Managing Director Kristalina Georgieva on Thursday said the Israel-Hamas conflict has darkened the horizon for the world economy that was already going through a phase of weak growth.

Georgieva said the International Monetary Fund was “very closely monitoring how the situation evolves” and how it is affecting the oil markets.

“Very clearly, this is a new cloud on not the safest horizon for the world economy, a new cloud darkening this horizon, and of course, not needed,” she told a news conference at the annual meetings of the IMF and World Bank in Marrakech, Morocco.

She said there had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact.

“We are experiencing severe shocks that are now becoming the new normal for a world that is weakened by weak growth and economic fragmentation,” she said at the news conference.

“Very clearly, this is a new cloud on not the sunniest horizon for the world economy, a new cloud, darkening this horizon,” she remarked.

The IMF has kept its global growth forecast a 3 per cent for this year but lowered it to 2.9 per cent for 2024.

The weekend attack by Palestinian militant group Hamas on Israel from Gaza has left hundreds dead and rattled the oil markets and triggered fears that it spread into wider geopolitical conflict involving the US and Iran which could disrupt oil shipments in the Middle East.

ALSO READ: UNHRC chief condemns Israeli ‘siege’ of Gaza

Previous Story

DELHI DECLARATION: India moves from G20 Leadership to Global Thought Leadership

Next Story

Hamas Denies Child Casualties In Israel Attack

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

Imran Seeks IMF Election Audit Before New Loan

Former PM Imran Khan warned that the loan would lead

India puts a roof on housing prices amid global rise

The surge in house prices has also had an impact