IMF warns war between Ukraine and Russia will likely slow global growth

the war in ukraine and the associated sanctions that countries around the world have imposed on Russia are likely to lead to a downwar...

the war in ukraine and the associated sanctions that countries around the world have imposed on Russia are likely to lead to a downward revision of the International Monetary Fund’s global economic growth forecast, IMF Managing Director Kristalina Georgieva said on Thursday.

The Ukraine crisis is another shock to a global economy just emerging from the coronavirus pandemic, and it has compounded global supply chain disruptions and inflation headwinds that have raised concerns. The full impact on the global economy remains uncertain, IMF officials said, and will depend on the outcome of the war and the duration of sanctions.

“We have just been through a crisis like no other with the pandemic, and we are now in even more shocking territory,” Ms Georgieva told reporters. “The unthinkable has happened – we have a war in Europe.”

In January, the IMF cut its estimated global growth rate for 2022 to 4.4 percent, of the 4.9% it had projected last year, following slowdowns in the United States and China.

Ms Georgieva said the biggest threat to the global economy was increased inflation due to rising commodity prices as countries diverted their consumption away from Russian oil and gas. This, in turn, could eat away at consumer spending. Deteriorating financial conditions and business confidence may also weigh on growth.

“Soaring prices for energy and other commodities – corn, metals, fertilizer inputs, semiconductors – are adding, in many countries, to already high inflation and raising serious concerns in many countries. many places around the world,” Ms. Georgieva said.

The IMF is working on a plan to provide more aid to Ukraine’s eventual reconstruction effort, but said it was too early to know the extent of the country’s needs. This week, the board of directors of the fund approved $1.4 billion in emergency funding.

Ukraine’s top economic adviser said earlier on Thursday that Russia had already destroyed 100 billion dollars in assets of the country.

The fund also assesses the impact of the sanctions on Russia’s economy. Much of its financial sector and central bank has been blacklisted.

“The Russian economy is shrinking and the recession in Russia is going to be deep,” Ms Georgieva said. “It’s already clear.”

She said Russia would likely not have access to its emergency currency reserves due to the sanctions.

The IMF has suspended its operations and programs in Russia. Ms Georgieva said there had been no discussion about ending Russia’s membership of the fund.

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Newsrust - US Top News: IMF warns war between Ukraine and Russia will likely slow global growth
IMF warns war between Ukraine and Russia will likely slow global growth
Newsrust - US Top News
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