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International criticism warns of the worsening conflict in the Middle East
Economical 02/12/2024
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Capitals: Agencies
International Monetary Fund Director Kristalina Georgieva expressed her concern about the expansion of the conflict in the Middle East region, which may lead to exacerbation of economic damage at the global level.
Georgieva's speech came during a speech she delivered at the World Government Summit in Dubai, where she stressed that "the impact of the conflict in the Middle East at the global level is evident in the rise in shipping costs, the decrease in the volume of traffic through the Red Sea, and it also affects tourism in neighboring countries."
Georgieva announced that “the International Monetary Fund is monitoring the financial impacts of conflicts in the Middle East on the world, and will publish a document showing that gradually eliminating energy subsidies could save 336 billion, equivalent to the economies of Iraq and Libya combined,” she said.
The Director of the International Monetary Fund explained that “the gradual elimination of energy subsidies will reduce pollution, help improve social spending, and will also support reducing the global inflation rate by 2024.”
The International Monetary Fund reduced the expected growth in the Middle East and North Africa region this year, by 0.5 percentage points to 2.9 percent from 3.4 percent expected last October, as a result of conflict factors, most notably the conflict in Gaza, the reduction in oil production, and the continuation of strict policies in various aspects. Economy.
At the beginning of this year, the International Monetary Fund published a report titled “The Middle East and North Africa: Conflicts and Economic Challenges.” The report showed that the conflict in Gaza and Israel constitutes another shock to the Middle East and North Africa region, and represents a blow to economies facing increasing challenges and uncertainty.
The report expected that the decline in growth in the region would lead to an economic slowdown due to the conflict in Sudan, in addition to natural disasters, such as floods in Libya and the earthquake in Morocco, which had devastating effects on the humanitarian and material levels.
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