The head of the International Monetary Fund warned Thursday that Russia's war against Ukraine was weakening the economic prospects for most of the world's countries and called high inflation “a clear and present danger” to the global economy.
IMF Managing Director Kristalina Georgieva said the consequences of Russia's invasion were contributing to economic downgrades for 143 countries, although most of them should continue to grow. The war has disrupted global trade in energy and grain and is threatening to cause food shortages in Africa and Middle East.
Chronically high inflation, which is forcing the world's central banks to raise interest rates and likely slow economic growth in the process, amounts to “a massive setback for the global recovery,” Georgieva said. Before the war, Russia and Ukraine had supplied 28% of global wheat exports. And Russia and Belarus accounted for 40% of exports of the fertilizer potash.
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