International Monetary Fund

Gulf economies are expected to contract by 4.8 percent this year, a blow almost matching the shock of the COVID-19 pandemic, according to the International Monetary Fund. The regional conflict has disrupted energy production, shipping, tourism and trade, driving a reversal in non-oil output across four countries.

The governor of the Bank of England, Andrew Bailey, walked out of an International Monetary Fund meeting in Bangkok on Saturday in protest against the presence of Russia, joining finance leaders from France, Germany and several Scandinavian and Baltic countries. The walkout occurred when Russia's finance minister, Anton Siluanov, began addressing the session in Russian.

The International Monetary Fund has called for increased support to poorer nations struggling with high debt, persistent inflation, and spillovers from wars and rising energy prices, as the lender's annual meetings concluded in Bangkok on Saturday. Managing Director Kristalina Georgieva said discussions with global policymakers reflected both optimism about economic resilience and worry over growing vulnerabilities.

International Monetary Fund member countries have called for increased financial support for nations facing short-term financing challenges from wars and high energy prices, while also warning that the rise of so-called advanced intelligence technologies carries macro-financial risks, according to a statement from the steering committee.