THE International Monetary Fund (IMF) has said that the economic damage occasioned by the Russia-Ukraine war will slow down global recovery from the COVID-19 pandemic, contribute to a significant slowdown in global growth in 2022 and escalate inflation. According to the body, global growth would slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. These were contained in the April 2022 World Economic Outlook released by the body on Monday. It also threatens the rules-based frameworks that have facilitated greater global economic integration and helped lift millions out of poverty. Although a gradual resolution of supply-demand imbalances and a modest pickup in labour supply are expected in the baseline, easing price inflation eventually, uncertainty again surrounds the forecast.

Source: Nigerian Tribune April 19, 2022 17:35 UTC