WASHINGTON—Economic damage from the war in Ukraine will contribute to a significant slowdown in global growth in 2022 and add to inflation, the International Monetary Fund (IMF) stated in its latest assessment of the world economy.
Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest. Global growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023, the IMF stated.
“This is 0.8 and 0.2% percentage points lower for 2022 and 2023 than projected in January,” the IMF said.
Beyond 2023, global growth is forecast to decline to about 3.3% over the medium term. War-induced commodity price increases and broadening price pressures have led to 2022 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 last January.
“Multilateral efforts to respond to the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, manage debt distress, tackle climate change, and end the pandemic are essential,” the IMF said.
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