Medium-term global growth is expected to decline to about 3.3% over the medium term, compared to an average of 4.1% in the period from 2004 to 2013, and growth of 6.1% in 2021.
“What has Russia’s invasion of Ukraine cost? A crisis on top of a crisis, with devastating human costs and a massive setback for the global economy,” IMF Managing Director Kristalina told a food security panel on Tuesday.The IMF has estimated that Ukraine’s gross domestic product will collapse by 35% this year, while Russia’s output will shrink by 8.5% in 2022, while emerging and developing Europe, including both countries, will contract by 2.9%.
Spillovers from higher energy prices, a loss of confidence, and financial market turmoil from this step would cut another two percentage points off of global growth forecasts, Gourinchas said. The war, which Russia describes as a “special military operation,” has caused a humanitarian crisis in Eastern Europe, displacing some 5 million Ukrainians to neighboring countries, the IMF said.
The war has exacerbated inflation that already had been rising in many countries due to imbalances in supply and demand linked to the pandemic, with the
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