Ukraine war to lower growth forecast of 143 countries with diverging fortunes: IMF chief – The National

Ukraine war to lower growth forecast of 143 countries with diverging fortunes: IMF chief – The National

The Ukraine war and ensuing sanctions on Russia have led the International Monetary Fund to lower its global economic growth forecast this year for 143 countries, accounting for 86 per cent of the world's output, with widely varying prospects.

Economies facing downgrades include net importers of food and fuel — in Africa, the Middle East, Asia and Europe, Kristalina Georgieva, the IMF's managing director, said on Thursday.

For many exporters of oil, natural gas and metals, rising commodity prices will lift their growth prospects, but they will face higher uncertainty and their gains are insufficient to offset an overall global slowdown driven mainly by the war.