IMF Director Optimistic Despite Uncertainty

IMF Director Kristalina Georgieva stated on Sunday that she is "optimistic about the future of the global economy as it is surprisingly resilient despite the current uncertainty." In a speech delivered at the World Government Summit in Dubai, she added that "the IMF will publish a document on Monday showing that phasing out energy subsidies could save $336 billion in the Middle East, equivalent to the economies of Iraq and Libya combined." Georgieva pointed out that "in addition to saving this amount, phasing out energy subsidies reduces pollution and helps improve social spending." In her remarks, she stated, "While uncertainty remains high, we can be slightly more confident about economic forecasts because the global economy is strikingly resilient." Georgieva warned of the widening consequences of the conflict in Gaza, adding that "this exceptionally murky moment increases challenges for economies still recovering from previous shocks, and the escalation of conflict could exacerbate economic damage."