The International Monetary Fund has warned that the world economy will experience worsening conditions as the war in Ukraine continues and prices spiral. After its latest assessment of the global economy, the IMF stated that 2023 will feel like a recession for many people. The organization has downgraded its economic growth forecasts due to the impact of Russia’s invasion of Ukraine on the world economy.
The IMF research shows that the UK economic growth is supposed to only grow by 0.3%. This is 0.2% lower than the original forecast made by the IMF in July. The IMF works to stabilize the world economy and one of its key responsibilities is to act as an early economic warning system. The IMF cautioned that the less well-off populations will need to be protected by governments from higher prices. Russia’s economy is expected to contract by 2.3%, the largest drop of all the nations included in the projections.