Russia’s invasion of Ukraine has caused a “massive setback” for the economic recovery from the coronavirus pandemic, said the head of the IMF, with lower growth and higher inflation expected in most countries.
Speaking at the Carnegie Endowment in Washington on Thursday ahead of next week’s IMF and World Bank spring meetings, Kristalina Georgieva said the economic fallout of the war in Ukraine is spreading across the world.
Her analysis of the global economy was pessimistic, saying Russia’s invasion made “much worse” the squeeze on incomes for hundreds of millions of people around the world already suffering from higher food and energy prices.
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