Israel war in Gaza threatens world economy, bankers tell Saudi forum

AFP , Tuesday 24 Oct 2023

The Israeli war in Gaza could deal a heavy blow to the global economy, banking giants told the Future Investment Initiative forum in Saudi Arabia on Tuesday.



High-profile speakers, participating in the forum - often referred to as "Davos in the Desert", underscored how the war threatens attempts by the world's biggest oil exporter to diversify its economy away from fossil fuels.

Referring to the Israeli war in the Gaza Strip, World Bank President Ajay Banga said "I think the impact on economic development is even more serious," he added. "I think we're at a very dangerous juncture."

BlackRock CEO Larry Fink stressed that "If these things are not resolved, it probably means more global terrorism, which means more insecurity, which means more of society is going to be fearful, less hope." 

"And when there's less hope we see contractions in our economies." he noted.

On Thursday, Saudi Arabia's crown prince affirmed that the kingdom considers targeting civilians in Gaza a heinous crime and a brutal attack, stressing the necessity of working to provide protection for them, the official Saudi Press Agency reported

US President Joe Biden said on Saturday he thinks Hamas' initial attack on Israel was tied in part to efforts to normalise relations between Israel and Saudi Arabia, an initiative that Biden was trying to bring to fruition.

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