The International Monetary Fund (IMF) corrected down its global growth forecasts for 2022 and 2023 as a consequence of the war between Russia and Ukraine, and its impact on inflation.
However, the multilateral organization foresees a rise in gross domestic product (GDP) in most countries, according to IMF Managing Director Kristalina Georgieva.
In this way. Georgieva stressed that “the economy of most countries will remain on positive ground,” according to the AFP agency.
“The economy of most countries will remain on positive ground” Kristalina Georgiev
For the International Monetary Fund, “the impact of the war in Ukraine will contribute to downgrading this year’s growth forecasts for 143 countries that represent 86% of world GDP.”
In that sense, he argued that “Russia invaded Ukraine on February 24, when the world economy was already facing the consequences of the omicron variant of Covid-19, and the war has aggravated inflation, which now represents a real danger to the recovery”.
“Simply put, we are facing a crisis on top of another crisis,” Georgieva said, calling Ukraine’s economic projections “catastrophic” and Russia’s forecast GDP contraction “severe.”
Meanwhile, the growth projections for each country will be published next Tuesday.
