Ukraine war and inflation threaten global economy, says IMF chief

Inflation, which is forcing the world’s central banks to raise interest rates, amounts to “a massive setback for the global recovery”, Ms Georgieva said

International Monetary Fund Managing Director Kristalina Georgieva speaks during the World Government Summit at the Dubai Expo 2020, in Dubai, United Arab Emirates, Tuesday, March 29, 2022. (AP Photo/Ebrahim Noroozi)

The head of the International Monetary Fund has warned that Russia’s war against Ukraine is weakening the economic prospects for most of the world’s countries and called high inflation “a clear and present danger” to the global economy.

IMF managing director Kristalina Georgieva said the consequences of Russia’s invasion were contributing to economic downgrades for 143 countries, although most of them will continue to grow.