The IMF warned that global economic recovery is slowing down and new conflicts like Israel-Hamas could further disrupt the world economy already impacted by COVID-19 and the Ukraine-Russia war. World Bank President Ajay Banga warned that additional conflicts in the Middle East would threaten a “crisis of unimaginable proportion" and complicate central banks' efforts to reduce inflation without causing recessions. IMF research indicates rising oil prices from Middle East instability could reduce global GDP growth by 0.15% and increase inflation by 0.4%. Oil supply disruptions would further pressure European economies working to replace Russian natural gas.