World Bank Warns of Potential Severe Damages to the Global Economy

The war between Israel and Hamas could deal a serious blow to economic development worldwide, stated World Bank President Ajay Banga during an investors' conference in Saudi Arabia.

Banga emphasized, "What is happening in Israel and Gaza will have serious repercussions for economic development." He added, "I believe we are in a very dangerous phase. The war has already impacted the Israeli economy, prompting the Bank of Israel to lower its growth forecasts, and there are rising fears globally that the conflict could escalate beyond its current boundaries and evolve into a regional war."