Bisina SomtoThe ongoing conflict between Israel and Hamas is already taking a toll on the economies of neighbouring nations, according to the International Monetary Fund (IMF).
Kristalina Georgieva, the Managing Director of the IMF, made this observation during the Future Investment Initiative (FII) held in Riyadh, Saudi Arabia.
Join our WhatsApp ChannelGeorgieva pointed out that the neighbouring countries, such as Egypt, Lebanon, and Jordan, are experiencing the economic repercussions of the conflict, with tangible effects already apparent.
The conflict, which began with a sudden attack by the Palestinian militant group Hamas on Israel, has resulted in casualties and hostages on both sides.
READ ALSO:Israel-Hamas Conflict Threatens Global Economy, Warns World Bank President
In response, Israel has initiated widespread air strikes and imposed a near-total blockade on Gaza, where the Hamas-run health ministry reports a significant number of casualties.
The IMF’s Managing Director stressed the potential for the war to have broader economic implications, particularly if it draws in more countries.
Georgieva noted that the conflict adds to the global economic uncertainty, with impacts ranging from reduced tourism in countries heavily dependent on it to increased costs and risks for the movement of goods.
The potential for more refugees in countries already hosting a substantial number of displaced individuals was also mentioned as an economic risk.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
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