Thursday , July 7 2022 - услуги фрилансеров от 500 руб.
Home / WORLD / Global economy in worst shape since WWII — IMF

Global economy in worst shape since WWII — IMF

The global economy is facing “its biggest test since the Second World War”, the managing director of the International Monetary Fund said at the start of the World Economic Forum in Davos.

Kristalina Georgieva said the conflict in Ukraine has “compounded the Covid-19 pandemic – a crisis upon a crisis – devastating lives, dragging down growth, and pushing up inflation.” - услуги фрилансеров от 500 руб.

“Add to this sharply increased volatility in financial markets and the continuing threat of climate change, and we face a potential confluence of calamities,” she warned.

The IMF chief highlighted the impact of soaring food and energy prices on households worldwide, saying the crisis is creating huge problems for “highly-indebted vulnerable countries” which will need debt restructuring.

READ MORE: Exploding prices, energy and aviation crisis: What will the blowback be from anti-Russia sanctions?

Georgieva urged rich countries to lower trade barriers, help nations in debt distress, and improve cross-border payment systems.

The IMF warning comes amid fears of a global recession, with Chinese production falling sharply due to lingering coronavirus restrictions. At the same time, Europe and the US are grappling with a cost of living crisis, and emerging markets are facing food shortages as a result of sanctions against Russia, a major commodities supplier.

© 2022, paradox. All rights reserved.

Check Also

US targets Iranian oil

The US Department of Treasury on Wednesday blacklisted several Iranian oil exporters and alleged front …

Leave a Reply

Your email address will not be published. Required fields are marked *