<\/p>\n
The head of the International Monetary Fund (IMF) on Wednesday said the war between Israel and Hamas was another cloud on a horizon with plenty of them, warning that the global economic outlook could worsen.<\/p>\n
\u201cWhat we see is more jitters in what has already been an anxious world,\u201d Kristalina Georgieva told an audience at the FII investment conference in Riyadh.<\/p>\n
\u201cAnd on a horizon that had plenty of clouds, one more – and it can get deeper.\u201d Dubbed \u201cDavos in the desert\u201d, the conference has drawn senior finance industry figures, many of whom have already struck a pessimistic tone about the global economy.<\/p>\n
An event traditionally focused on cutting deals has been overshadowed by Israel\u2019s intensifying bombardment of Gaza, following an attack by Hamas inside Israel.<\/p>\n
On Tuesday, JPMorgan Chase boss Jamie Dimon encouraged Saudi Arabia not to abandon a United States-led initiative to establish official relations with Israel.<\/p>\n
Georgieva said the IMF\u2019s first concern was \u201cthe tragic loss of life\u201d at the war\u2019s epicentre, though more widespread impacts were already apparent.<\/p>\n
Long-term consequences included children being forced out of school, as well as the impact on neighbouring countries\u2019 tourism sectors.<\/p>\n
\u201cEgypt, Lebanon, Jordan. There, the channels of impact are already visible,\u201d she said. \u201cUncertainty is a killer for tourists inflows. Investors are going to be shy to go to that place.\u201d<\/p>\n
Commenting on the sharp rise in interest rates, Georgieva said the world had been living in the \u201cfantasy lane\u201d for nearly 20 years.<\/p>\n
\u201cWe are not thrilled with going from zero to five so quickly, but we are there,\u201d she said, referring to the US Federal Reserve\u2019s main policy rate.<\/p>\n
\u201cSo now \u2026 our call to everybody is: buckle up. Make sure that you understand interest rates are here to stay for longer.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The head of the International Monetary Fund (IMF) on Wednesday said the war between Israel and Hamas was another cloud on a horizon with plenty of them, warning that the global economic outlook could worsen. \u201cWhat we see is more jitters in what has already been an anxious world,\u201d Kristalina Georgieva told an audience at […]<\/p>\n","protected":false},"author":2,"featured_media":17772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/10\/25130529e37d75f.jpg?r=130535","fifu_image_alt":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-17771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-islamabad-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t