- In an interview for the World Economic Forum at Davos, the IMF’s Managing Director, Kristalina Georgieva outlined urgent steps to avoid global recession.
- The IMF projects that the growth of global economy will slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023.
- Striving for peace in Ukraine is paramount. The war has impacted the global economic recovery from COVID-19.
- Central banks have an important role to play in protecting the vulnerable – and countries must work together to overcome the shared problems they face.
The war in Ukraine has triggered a humanitarian crisis and set back the global economy’s recovery from the COVID-19 pandemic, according to the latest International Monetary Fund (IMF) World Economic Outlook released in April 2022.
It projects global growth will slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. While the impact of the war on commodity prices and other price pressures see inflation projections of 5.7% in advanced economies and 8.7% in emerging market and developing economies – 1.8 and 2.8 percentage points higher than projected in January.
Speaking in Davos, the IMF’s Managing Director, Kristalina Georgieva, told the World Economic Forum Annual Meeting that the world needs to stay focused and strive for peace in Ukraine to avoid a global recession.