IMF: War in Ukraine darkens significantly global economic outlook

“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,” reads the statement by IMF Managing Director Kristalina Georgieva, The Guardian reports.

It is going to be a tough 2022—and possibly an even tougher 2023, with increased risk of recession, she added.

As noted, the war in Ukraine darkened significantly the global economic outlook, so G20 should lead decisive action and strong international cooperation.

“Kristalina Georgieva hinted the IMF will downgrade its expectations for global economic growth this month, saying the outlook remains “extremely uncertain” and blaming the war in Ukraine, higher than expected inflation, and the ongoing Covid pandemic,” the article reads.

As reported, the Ukraine Recovery Conference was held in Lugano, Switzerland, on July 4-5. Representatives of more than 40 countries and about 20 international organizations approved the outcome declaration and pledged to support our country in restoration after the Russian military aggression.

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