VT - IMF slashes growth forecast to 3.6% as Russia-Ukraine crisis impacts global economy

International Monetary Fund (IMF) indicates that while the Ukraine war has not only led to a humanitarian crisis but it has led to a significant slowdown in global growth in 2022 and add to inflation. Leading the pack are the fuel and food prices which have increased dramatically denting low-income countries hardest. Global growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023; this is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. Growth projections region-wise: Beyond 2023, global growth is forecast to decline to about 3.3% over the medium term. For 2022, inflation is seen at 5.7% in advanced economies and 8.7% in emerging market and developing economies—1.8 and 2.8 percentage points higher than projected last January. IMF estimates the inflation rate will reach 7.7% in U.S. this year and 5.3% in the euro zone. IMF

For further details see:

IMF slashes growth forecast to 3.6% as Russia-Ukraine crisis impacts global economy