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The Guardian - UK
The Guardian - UK
Business
Larry Elliott

Rich nations, the IMF and World Bank are worried about the Israel-Hamas war, but not nearly enough

International Monetary Fund Hamas World Bank Israel the World Bank Ajay Banga Joseph Stiglitz Economy Interest Rates the Yom Kippur War
Smoke rises from buildings, viewed from the Israeli side of the border, as the Israeli military bombards northern Gaza.
Smoke rises from buildings, viewed from the Israeli side of the border, as the Israeli military bombards northern Gaza. Photograph: Alexi J Rosenfeld/Getty Images

Half a century ago a surprise attack on Israel by neighbouring countries marked the start of the Yom Kippur war – an event that signalled the end of the long postwar boom and ushered in a period marked by higher inflation and rising unemployment.

So it was with a degree of trepidation that finance ministers, development ministers and central bank governors from around the world gathered in Marrakech last week for the annual meetings of the International Monetary Fund (IMF) and the World Bank. Nobody needed reminding of what happened half a century ago.

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