Rich nations, the IMF and World Bank are worried about the Israel-Hamas war, but not nearly enough | Larry Elliott

Just like the Yom Kippur war 50 years before, the current conflict represents a grave threat to an already fragile global economy

Half a century ago a surprise attack on Israel by neighbouring countries marked the start of the Yom Kippur war - an event that signalled the end of the long postwar boom and ushered in a period marked by higher inflation and rising unemployment.

So it was with a degree of trepidation that finance ministers, development ministers and central bank governors from around the world gathered in Marrakech last week for the annual meetings of the International Monetary Fund (IMF) and the World Bank. Nobody needed reminding of what happened half a century ago.