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Israel-Hamas Conflict Threatens Global Economy, Warns World Bank President

October 24, 2023
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Israel-Hamas Conflict Threatens Global Economy

The recent conflicts between Israel and Hamas have raised concerns about their severe impact on global economic development, according to Ajay Banga, the president of the World Bank.

Speaking at an investor conference in Saudi Arabia, Banga expressed deep worries about the situation, stating, “What just happened recently in Israel and Gaza – when you consider all the implications – I believe it poses a serious threat to economic development, and we find ourselves at a perilous crossroads.”

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The conflict escalated when Hamas militants entered Israel from the Gaza Strip on October 7, resulting in the tragic loss of more than 1,400 lives, primarily civilians. This initial wave of violence left a devastating toll, with innocent individuals being shot or suffering from burns, according to Israeli authorities.

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In addition to the loss of life, 222 people were taken hostage, including elderly individuals and young children, as reported by Israeli authorities. Among these hostages were dual nationals and foreigners, further adding to the complexity of the situation.

This grim situation was discussed at the annual Future Investment Initiative, often referred to as the “Davos in the Desert,” which featured over 6,000 registered delegates. The event attracted prominent figures, including global banking leaders and the presidents of countries such as South Korea, Kenya, and Rwanda.

The violence in Israel and Gaza is in stark contrast to the vision of a more stable and prosperous Middle East that Saudi Arabia has been advocating

Somto
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Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.

She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.

As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.

Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.

Follow Somto on social media:

LinkedIn: Somtochukwu Bisina

#EntertainmentReporter #MediaProfessional #Journalism

Bisina Somto

Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.

She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.

As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.

Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.

Follow Somto on social media:

LinkedIn: Somtochukwu Bisina

#EntertainmentReporter #MediaProfessional #Journalism

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