The global economic outlook has "darkened significantly" and could deteriorate further, the IMF's managing director said Wednesday, citing Russia's war in Ukraine and the rapid inflation it has caused, threatening widespread hunger and poverty.
"It is going to be a tough 2022—and possibly an even tougher 2023, with increased risk of recession," IMF Managing Director Kristalina Georgieva said. REUTERS/ Remo Casilli/ File photo
The Ukraine war hit as the world was struggling to recover from the ongoing impact of the COVID-19 pandemic, and has caused an acceleration of inflation that endangers the gains of the past two years. The IMF is due to release its updated World Economic Outlook later this month, which Georgieva said will further downgrade the estimate for global growth from the April estimate of 3.6 percent.
After a decade of low inflation, prices worldwide have surged amid strong demand for goods that outstripped supply as economies began to return to normal, but the Russian invasion of Ukraine in late February and the sanctions imposed on Moscow pushed fuel and food prices up sharply. Offsetting the effects of the war and the pandemic are top priorities, which can only be addressed through "multilateral" financial aid and debt relief, she said.
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