World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,Banga emphasised, "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. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", sawover 6,000 registered delegates, as well asglobal banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who diedin gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderlyand little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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