Inflation shock caused by the invasion and ongoing pandemic is ‘a crisis on top of a crisis’ says IMF chief
The head of the International Monetary Fund has warned that the global inflationary shock caused by Russia’s war in Ukraine and the ongoing Covid pandemic will lead to lower economic growth this year and next.
Kristalina Georgieva, the IMF’s managing director, said the Washington-based fund would downgrade its global growth forecasts for 2022 and 2023 as a result of Vladimir Putin’s invasion pushing up the price of food, energy and other commodities around the world this year.
