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The IMF believes that the global economy is undergoing its most serious test since World War II

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THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.

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IMF Managing Director Kristalina Georgieva said the world economy is going through its biggest test since World War II. This was reported by TASS with reference to Gergieva’s statement, published in connection with the publication of the Foundation’s regular annual report.

“The global economy is undergoing its most serious test since the Second World War. Over the past year, the ongoing pandemic continued to cause massive health and socioeconomic losses, impacting lives and livelihoods around the world,” she said.

According to Georgieva, the consequences of the conflict in Ukraine have led to “unprecedented shocks.” “The economic consequences continue to make themselves felt. Rising food and energy prices and rising inflation are hitting the most vulnerable hardest at a time when high levels of debt and tightening global financial conditions make it even harder for governments to support those in need,” she said. According to her, “the risk of dividing the world into geopolitical and economic blocs that could reverse decades of rising living standards has risen sharply.”

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According to the authors of the report, emerging market and developing countries “with large foreign currency debt and significant external financing needs will also need to prepare for possible volatility in financial markets as monetary policy tightens in advanced economies “.

The IMF emphasizes that “the world is also facing massive forces of longer-term change,” including those associated with global warming and the digital revolution.

Source: Rosbalt

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