February 12, 2024 — Dubai (AFP)The IMF and World Bank warned on Monday that the Gaza war and the related attacks on shipping through the Red Sea pose threats to the global economy. The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, said the International Monetary Fund's managing director Kristalina Georgieva. Its knock-on effects could impact the world the longer the fighting drags on, Georgieva told the World Governments Summit, an annual gathering of business and political leaders in Dubai. "Right now we see a risk of spillover in the Suez Canal," she said, as Yemen's Iran-backed Huthi rebels have attacked Red Sea shipping leading to the crucial maritime passage. Also speaking at the summit, World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red Sea" are among the top challenges to the global economic outlook.
