The President of the World Bank, Ajay Banga has stated that geopolitical tensions across the world pose serious risks to the global economy.
Mr Banga stated this while speaking at the opening ceremony of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.
The President noted that events such as the war in Gaza pose serious risks to the well-being of the global economy.
He said,
Speaking further, Mr Banga said the 5% yield of the U.S Treasury yesterday was a sign of an impending slowdown in the global financial system since it was an unusual occurrence.
In his words,
He noted that political risks in developing and emerging economies deter the much-needed private sector investment to meet renewable energy goals.
He emphasized the paucity of funds in the coffers of governments and multilateral institutions and the importance of the private sector.
His words were,
