‘A lot could go wrong’: Fears for global economy over Israel conflict

The risk of rising oil prices and a hit to confidence threaten to undermine this year’s gains, ministers and experts say.

Sam Fleming and Colby Smith

Oct 16, 2023 – 9.50am

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The spectre of a wider conflict in the Middle East poses a fresh threat to the global economy just as the world emerges from shocks triggered by COVID-19 and the Ukraine war, finance ministers and officials have warned.

Broader regional tensions would have significant economic ramifications, they said, as they rounded off meetings of the IMF and World Bank in Morocco last week. The biannual events took place as Israel declared war on Hamas and launched a major bombardment of the Gaza Strip.

Financial Times