The International Monetary Fund announced that the negative effects of the escalation of conflict in the Middle East could have global ramifications.
As reported by Al Jazeera, the International Monetary Fund highlighted in a report that the conflict in the Middle East has resulted in higher transportation expenses and reduced traffic through the Red Sea.
The global financial entity stressed that the escalation of conflict in the Middle East might exacerbate global economic downturns.
The International Monetary Fund pointed out that the Middle East conflict impacts the tourism of neighboring nations, and they are closely monitoring its financial implications.