WB president cautions on economic results of Israel-Palestine conflict

New York: A conflict between Israel and Hamas poses a significant threat to global economic growth, warns World Bank President Ajay Banga during a conference in Saudi Arabia.

He expressed concerns about the recent developments in Gaza and Israel, emphasizing their potential adverse impact on economic development.

Banga noted that the world is at a precarious juncture, highlighting the considerable economic risks associated with escalating regional tensions.

This statement comes as the death toll of Palestinian citizens due to Israeli aggression has surpassed 5,000 since October 7.

The President of the World Bank shared these insights at a prominent international conference in Saudi Arabia attended by over 6,000 delegates from various nations.

He stressed that geopolitical tensions pose the most significant threat to the global economy and should not be underestimated.

Furthermore, Saudi Arabia has strongly condemned Israeli aggression against Gaza and reaffirmed its support for the Palestinian cause, even suspending the process of normalizing relations with Israel.