World Bank President Ajay Banga said on Tuesday that war damage from Israeli strikes on Gaza is now probably in the $14-20 billion range, and destruction from Israel’s bombing of southern Lebanon will add to that regional total.
Mr Banga told a Reuters NEXT event in Washington that the war has had a relatively small impact on the global economy, but a significant widening of the conflict would draw in other countries that are larger contributors to global growth, including commodity exporters.
“First of all, I think this unbelievable loss of life – women, children, others, civilians, is just unconscionable on all sides,” Mr Banga said. “The economic impact of this war, on the other hand, depends a great deal on how much this spreads.”