The IMF expects to cut its global growth estimate due to the economic damage caused by Russia's invasion of Ukraine.
WASHINGTON - The IMF expects to cut its global growth estimate due to the economic damage caused by Russia's invasion of Ukraine, Managing Director Kristalina Georgieva said.
Russia is"moving into a deep recession" with massive depreciation of the ruble and sinking purchasing power for its citizens, she said, adding that a debt default is no longer"an improbable event." The war and sanctions, which include a US ban on Russian oil imports, are spilling over to the global economy, causing costs for energy and other key commodities like wheat, fertilizers and metals to surge, the IMF chief explained.
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