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World Bank sees Israel/Gaza conflict as economic shock

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October 10, 2023

Ajay Banga, president of the World Bank, said the current conflict between Israel and Gaza is a global economic shock that could make it difficult for central banks if the conflict spreads, according to a report by Yahoo! Finance.

"It's a humanitarian tragedy and it's an economic shock we don't need," Banga said.

The conflict reignited on Oct. 7 when Hamas, the ruling party in Gaza, launched a surprise attack on Israel's southern border, including killing around 260 people taking part in the Supernova electronic music festival. Israel has responded by cutting food, water and gas to Gaza as well as airstrikes and military measures. The current death toll for both sides currently stands at 1,500 with more than 900 killed in Israel and 687 in Gaza, with more than 6,000 injuries on both sides, according to a report by CNBC.