The global economic situation has turned for the worse. The world’s economic growth will slow down this year.
The International Monetary Fund, in its April 2022 World Economic Report, is slightly more optimistic. It projects global growth of 3.6 percent, both for 2022 and 2023—0.8 and 0.2 percentage points lower than its January forecast, respectively. “The downgrade largely reflects the war’s direct impacts on Russia and Ukraine and global spillovers,” explains the Fund.
According to the World Bank, if the Ukraine war worsens, some 1.1 million Filipinos will be poor. Why? Because food prices will rise astronomically. “The number of poor in the Philippines, for example, could increase by one percentage point or 1.1 million measured at the lower-middle-class poverty line if cereal prices rise by an average of 10 percent over the year.”
One, the war in Ukraine is disrupting the supply of commodities, increasing financial stress, and dampening global growth. The IMF says “the war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution.”
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