IMF headquarters in Washington, DC (photo: VNA)

Beyond the human suffering and historic refugee flows, the crisis is boosting prices for food and energy, fueling inflation and eroding the value of incomes, while disrupting trade, supply chains, and remittances in countries neighboring Ukraine, the IMF said in a post on its website.

The IMF said it is also eroding business confidence and triggering uncertainty among investors that will depress asset prices, tighten financial conditions and could trigger capital outflows from emerging markets.

IMF officials have already said they expect to lower the Fund’s previous forecast for 4.4 percent global economic growth in 2022. The IMF is due to release an updated forecast on April 19.