The International Monetary Fund has revised downward its forecasts for worldwide economic growth due to the adverse effect of the Russian invasion of Ukraine on the global markets, CNN reports.
The IMF says the war will cause a slowdown around the world as sanctions against Russia cripple that nation’s economy and other countries feel the bite of sanctions they put on the Kremlin for invading Ukraine. The IMF moved its forecast to 3.6% for 2022 and 2023, a reduction of 0.8 and 0.2 percentage points, respectively.
Ukraine, obviously, is expected to take the biggest drop, losing 35% of its economic power due to the destruction cause by invading Russian troops. Russia’s economy will constrict by more than 8% due to the sanctions imposed by the global community.