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The global economy is facing the “biggest test since World War II,” warns one expert

Kristalina Georgieva, head of the International Monetary Fund, said food and energy prices are putting pressure on households around the world – and central banks are tightening monetary policy to curb inflation

Kristalina Georgieva
Kristalina Georgieva said that food and energy prices are putting pressure on households around the world

The head of the International Monetary Fund has warned that the global economy is facing its “biggest test since World War II”.

Opening the World Economic Forum in Davos, Kristalina Georgieva said the war in Ukraine had “devastated lives, slowed growth and pushed up inflation”.

Soaring food and energy prices are putting pressure on households around the world, while central banks are tightening monetary policy to curb inflation.

Combined with volatile financial markets, the IMF said the world is facing a “potential confluence of disasters.”

Ms Georgieva has warned countries not to “succumb to the forces of geoeconomic fragmentation that will make our world poorer and more dangerous”.







A destroyed building after an air raid on the Cultural Center in Lozova, Ukraine
(

Picture:

via REUTERS)

It came as Ukraine unveiled plans for a $1 trillion recovery aid package to be funded from seizures of frozen Russian assets.

The IMF chief said she does not expect a recession for the world’s major economies – but cannot rule it out.

“No, not at this point,” she told a panel at the event.

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“That doesn’t mean it’s out of the question.”

The global economic outlook has deteriorated in the month since the IMF downgraded its 2022 growth outlook on the war in Ukraine, China’s slowdown and global price shocks, particularly for food, she said.

“In a short time… the horizon has darkened.”

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https://www.mirror.co.uk/news/politics/global-economy-faces-biggest-test-27046361 The global economy is facing the "biggest test since World War II," warns one expert

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