The most immediate priority is to end the war, said the IMF
"Growth is down, inflation is up; people's incomes are down, hardship is up," said International Monetary Fund's managing director, Kristalina Georgieva, responding to global shocks and managing uncertainty.
"Largely because of Russia's invasion of Ukraine, we are seeing a growth downgrade for 143 countries representing 86% of global GDP," she added.
.@KGeorgieva: "Largely because of Russia's invasion of Ukraine, we are seeing a growth downgrade for 143 countries representing 86% of global GDP.
— IMFLive (@IMFLive) April 19, 2022
Growth is down, inflation is up; people's incomes are down, hardship is up." #ResilientFuturepic.twitter.com/XosQKl0hde
Global economic prospects have been severely set back, primarily because Russia invaded Ukraine. The most immediate priority is to end the war, said the IMF in its latest blog post on world economic outlook growth projections.
IMF said, compared to our January forecast, we have revised our projection for global growth downwards to 3.6 per cent in both 2022 and 2023. This reflects the direct impact of the war on Ukraine and sanctions on Russia, with both countries projected to experience steep contractions.
The effects of the war will propagate far and wide, adding to price pressures and exacerbating significant policy challenges, the blog post added.
