Russian invasion of Ukraine has darkened significantly this year’s global economic outlook
Kristalina Georgieva, Managing Director of the International Monetary Fund, said the IMF would downgrade its expectations for global economic growth this month, saying the outlook remains “extremely uncertain” and blaming the war Russia started in Ukraine, higher than expected inflation, and the ongoing Covid pandemic.
“It is going to be a tough 2022 — and possibly an even tougher 2023, with increased risk of recession. The human tragedy of the war in Ukraine has worsened. So, too, has its economic impact, especially through commodity price shocks that are slowing growth and exacerbating a cost-of-living crisis that affects hundreds of millions of people — and especially poor people who cannot afford to feed their families. And it’s only getting worse,” said Georgieva in her blog.