IMF chief’s big warning, the economic future of the world is visible in the dark, the danger of further escalation in the crisis
The economic future of the world seems to be shrouded in darkness more than ever before. Not only this, there is a danger of it becoming dark and dense in the coming days. This serious warning has been given by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) in a recent blog.
According to Kristalina, Russia’s attack on Ukraine and its resulting inflation has worked to increase hunger and poverty around the world. Kristalina has expressed her assessment just before the meeting of the finance ministers and heads of central banks of the G20 countries. This important meeting is going to be held in Bali, Indonesia on this Friday and Saturday.
The IMF is an international organization providing financial assistance to countries around the world to overcome economic crisis. Therefore, his predictions about the economic crisis are very important. The updated World Economic Outlook by the IMF is also going to be released this month. Kristalina says that in the upcoming outlook, there is a possibility of further decline in the estimate of the world’s economic growth rate. According to him, the new estimate of economic growth rate may be much lower than the estimate of 3.6 percent announced in April.
Earlier in April also, the IMF had cut the world’s growth rate estimate by about 1 percent. The International Monetary Fund has also recently reduced America’s economic growth forecast for the year 2022 from 2.9 percent to 2.3 percent. The IMF’s managing director says that the world’s economy was still recovering from the Kovid epidemic that Russia’s attack on Ukraine wreaked havoc on it. Due to this war, the rapid rise in inflation all over the world spoiled all the recovery made in the last two years.
