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

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

Trinidad Eager to Deepen Ties with India: Envoy

Trinidad and Tobago, home to a large Indian-origin population—many of whom are now in their fifth and sixth generations—offered a unique cultural resonance to the visit….reports Asian Lite News Prime Minister Narendra
Go toTop

Don't Miss

IMF chief warns of darker global outlook

The IMF estimates that countries accounting for about one-third of

Shehbaz govt ready to swallow bitter pill of IMF conditions

Shehbaz ready to sacrifice political capital at IMF altar…reports Asian