Georgieva: War In Ukraine A 'Massive Setback' For Global Economic Recovery

Managing Director of the IMF Kristalina Georgieva, speaking at the Carnegie Endowment in Washington, D.C., has stated that the war in Ukraine 'on top of the COVID-19 pandemic' is a 'massive setback for the global economic recovery'.

• Georgieva: “For the first time in many years, inflation has become a clear and present danger for many countries.”
• Georgieva: “In a world where war in Europe creates hunger in Africa; where a pandemic can circle the globe in days and reverberate for years; where emissions anywhere mean rising sea levels everywhere — the threat to our collective prosperity from a breakdown in global co-operation cannot be overstated,”
• The broader political knock-on impacts are already being felt in countries around the world. Rising fuel, energy and food prices, in part attributable to the war in Ukraine and subsequent economic sanctions/halts on trade have seen major protests in Peru and Sri Lanka, and contributed to the fall of the gov't of Pakistani PM Imran Khan. Countries in the MENA region in particular, which rely heavily on the import of Russian and Ukrainian wheat, are also seen as politically vulnerable to the impact of the war.