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

Pakistan on the Brink: War, Weakness, Woes

The reason behind growing anxiety and consternation in Islamabad is the depleting reserves of its military’s artillery and ammunition and also a ruined economy…reports Asian Lite News As the tensions between India

UNSC Convenes Over India-Pak Crisis

Pakistan is currently an elected member of the Council and will participate in the meeting….reports Asian Lite News The United Nations Security Council (UNSC) will be holding a closed-door meeting on Monday

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

Singapore’s Ruling Party Achieves Landslide Victory

Prime Minister Lawrence Wong, whose party won the election, thanked supporters.,..reports Asian Lite News Singapore’s ruling People’s Action Party (PAP) won 87 of the 97 seats in Parliament in Saturday’s general election,

Jaishankar, Lavrov Discuss Pahalgam Terror Attack

Both the Ministers discussed issues of Russian-Indian cooperation and the aggravation of India-Pakistan relations following the terrorist attack in Pahalgam. External Affairs Minister (EAM) S. Jaishankar spoke to the Russian Foreign Minister
Go toTop

Don't Miss

IMF expresses concerns over Pakistan’s poor track record

During the board meeting, the IMF directors raised serious concerns

China-linked probe weakens IMF chief’s authority?

The ranking that she is accused of pressuring staff to