 IMF Managing Director Kristalina Georgieva (Photo: AFP/VNA) |
Georgieva told reporters the unprecedented sanctions imposed on Russia over its special military operation in Ukraine had caused an abrupt contraction of the Russian economy and it faced a “deep recession” this year. She said the surge in inflation meant monetary tightening already underway in many countries will “go faster and go further” than expected.
In January, the IMF projected global economic growth would reach 4.4% this year, a downgrade of 0.5 percentage point. The next report is expected in mid-April.