Israel-Hamas war already affecting regional economies —IMF

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Wednesday, raised the alarm that the war between Israel and Hamas is already battering the economies of nearby countries.

Georgieva, stated this while addressing a Saudi investor forum on Wednesday at the Future Investment Initiative (FII) in Saudi capital, Riyadh, saying: “You look at the group Hamas staged a shock attack on Israel on October 7, killing more than 1,400 people and taking 222 hostages, according to Israeli authorities.

“Israel has responded with withering air strikes and a near-total land, sea and air blockade of Gaza, where the Hamas-run health ministry says 5,791 people have been killed in the war so far.

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“What we see is more jitters in what has already been an anxious world.

“You have tourism-dependent countries — uncertainty is a killer for tourist inflows,” she said, while describing the potential economic cost for countries in the region before ticking specific risks.

“Investors are going to be shy to go to that place. Cost of insurance — if you want to move goods, they go up. Risks of even more refugees in countries that are already accepting more”, Georgieva added.

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