IMF chief Georgieva says Ukraine war to lower global growth forecast

The war in Ukraine and massive sanctions against Russia have triggered a contraction in global trade and sent food and energy prices sharply higher, and will force the International Monetary Fund to lower its global growth forecast next month, IMF Managing Director Kristalina Georgieva said on Thursday.

The war in Ukraine and massive sanctions against Russia have triggered a contraction in global trade and sent food and energy prices sharply higher, and will force the International Monetary Fund to lower its global growth forecast next month, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva said the unprecedented sanctions imposed on Russia over its invasion of Ukraine had caused an abrupt contraction of the Russian economy and it faced a "deep recession" this year.

She said the IMF had no program or policy relations with Russia at this point and its Moscow office was not operating. Members had condemned the war, but there was no discussion currently about ending Russia's membership in the global lender.