Georgieva-Geopolitical Fragmentation May Curb 75yrs Of Gains

Speaking at the IMF/World Bank spring meetings in Washington, D.C., IMF Managing-Director Kristalina Georgieva states that "We meet at a consequential moment for the world—facing a crisis upon a crisis. The war on top of the pandemic. It is like being hit by another storm before we have recovered from the last one. The result is a massive setback for the global recovery....This is caused largely by Russia’s invasion of Ukraine and the shock waves it has sent around the world...."

• "Another consequence is accelerating inflation...rising food and fuel prices are straining the budgets of ordinary families to the breaking point. Our immediate hope must be for the war to end—that would have the single most positive effect on the global recovery right now....At the same time, we must continue to fight Covid —the pandemic has not gone away."
• Reuters reports other comments from Georgieva: "Geopolitical fragmentation may curb 75 years of gain...G20 debt framework needs improvement, expansion....See China capable of boosting economy because it has fiscal, monetary policy space. Consumption falling short in China, not recovering as strongly as necessary." Adds that the IMF will provide objective analysis of the risk of the global economy separating into separate geopolitical blocs.