IMF cuts global growth forecasts on war

IMF cuts global growth forecasts on Russia-Ukraine war

The International Monetary Fund has cut its global growth projections for this year and the next as the economic hit from Russia’s unprovoked invasion of Ukraine will “propagate far and wide.”

The Washington-based institution is now projecting a 3.6% gross domestic product rate for the global economy this year and for 2023. This represents a 0.8 and 0.2 percentage point drop, respectively, from forecasts presented in January.

The Fund has forecast an even bleaker assessment for the Ukrainian economy.…

To anyone who thinks that Putin wouldn’t break the taboo against nuclear warfare, I would urge them to take note of foreign minister Sergei Lavrov’s declaration yesterday that Russia has ‘no intention’ of using weapons of mass destruction.

Lavrov vowed his country had ‘no intention’ of invading Ukraine either – right until the very day it did. So his words are a threat, not reassurance.…

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