World Bank: Gaza war damage cost likely now $14bn to $20bn

The World Bank now estimates that damages from Israel's air strikes and bombings in Gaza range between $14bn and 20bn.

Ajay Banga, president of the World Bank, said during a Reuters Next event in Washington that a significant widening of the conflict, such as the recent Israeli invasion of Lebanon and Iran's strike on Israel, would draw in other countries and could cause significant damage to global growth.

"First of all, I think this unbelievable loss of life - women, children, others, civilians - is just unconscionable on all sides," Banga said. "The economic impact of this war, on the other hand, depends a great deal on how much this spreads."