IMF to lower global growth forecast
(VOVWORLD) - Tensions in Ukraine and massive sanctions against Russia have triggered a contraction in global trade, sending food and energy prices surging and forcing the International Monetary Fund to lower its global growth forecast next month, IMF Managing Director Kristalina Georgieva said on Thursday.
 IMF Managing Director Kristalina Georgieva (Photo: AFP/VNA) |
Georgieva told reporters the unprecedented sanctions imposed on Russia over its special military operation in Ukraine had caused an abrupt contraction of the Russian economy and it faced a “deep recession” this year. She said the surge in inflation meant monetary tightening already underway in many countries will “go faster and go further” than expected.
In January, the IMF projected global economic growth would reach 4.4% this year, a downgrade of 0.5 percentage point. The next report is expected in mid-April.