Kristalina Georgieva with a terrible forecast for the economy

The war in Ukraine and large-scale sanctions against Russia have shrunk global trade and sharply raised food and energy prices.

This will force the International Monetary Fund to lower its forecast for global growth next month, said IMF Managing Director Kristalina Georgieva.

She added that the unprecedented sanctions imposed on Russia over its invasion of Ukraine have caused a sharp contraction in the Russian economy and it is facing a “deep recession” this year.

Georgieva said the IMF has no program or political relations with Russia at the moment and its Moscow office is not functioning.

The members of the fund condemned the war, but there were no discussions at this stage to terminate Russia’s membership in the organization, reminds Reuters.

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