Israel's attacks in Gaza risks 'serious' global economic impact — World Bank
The global bank's chief calculates the effect of the conflict in Gaza is "very dangerous" for global economic development.
A picture taken from the southern Israeli city of Sderot on October 23, 2023, shows smoke and debris ascending over northern Gaza following an Israeli strike. / Photo: AFP
The war between Israel and Hamas could deal a "serious" blow to global economic development, the president of the World Bank has told an investor conference in Saudi Arabia.
"What just happened recently in Israel and Gaza — at the end of the day you put all this together, I think the impact on economic development is even more serious," Ajay Banga said on Tuesday, adding: "I think we're at a very dangerous juncture."
Palestinian group Hamas stormed into Israel from Gaza on October 7 and killed at least 1,400 people. The fighters also took some 220 people hostage, among them elderly people and young children, according to the Israeli authorities' latest count.
The hostages include dozens of dual nationals and foreigners.
More than 5,000 Palestinians, mostly civilians, have been killed in retaliatory Israeli indiscriminate bombardments of Gaza, according to its health ministry in the besieged enclave.
Conflict contrasts Middle East vision
Banga was speaking at the annual Future Investment Initiative, often referred to as "Davos in the Desert".
More than 6,000 delegates are registered for the three-day event that will feature appearances by global banking chiefs and the presidents of South Korea, Kenya and Rwanda, organisers say.
The violence in Israel and Gaza stands in stark contrast to the vision of a more stable and prosperous Middle East championed by Saudi Arabia, which this year rebuilt ties with Iran and was in talks towards recognising Israel before the fighting broke out.
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