• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

IMF chief says war in Ukraine is the ‘single most important negative factor’ for global economy

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
84
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IMF says war in Ukraine is the ‘single most important negative factor’ for global economy

The war in Ukraine is the “single most important negative factor” for the world economy this year — and most likely for 2023 as well, IMF chief Kristalina Georgieva told CNBC Wednesday.

“We judge the war in Ukraine to be the single most important negative factor for the world economy this year, most likely also next year,” she told CNBC’s Martin Soong on the sidelines of the Group of 20 meeting in Bali, Indonesia.

“Anything that creates more anxiety is, of course, damaging for the prospects for growth and for meeting the needs and aspirations of people everywhere,” said the managing director of the International Monetary Fund.

Her comments were in response to a missile that struck Polish territory late Tuesday, which killed two civilians.

Preliminary assessments suggest the Russian-made missile may have been fired by Ukrainian forces at an incoming Russian missile.

NATO’s secretary-general said “there was no indication this was the result of a deliberate attack,” even as investigations are ongoing.

RelatedPosts

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

“But let me be clear, this is not Ukraine’s fault. Russia bears ultimate responsibility as it continues its illegal war against Ukraine,” Jens Stoltenberg said.

Most G-20 members condemned Russia’s aggression against Ukraine in a draft declaration on Tuesday.

“I want to congratulate Indonesia for chairing so well, in this very difficult moment,” she said.

However, she stressed that the G-20 summit is not about the fact that there’s a joint declaration, but the focus has been “very pressing problems” — such as global inflation, rising costs of living, food and energy security.

“I was listening very carefully to all the statements and it’s encouraging that these are the issues we are focusing on — as we must.”

‘High price to pay’ for fragmentation 

The IMF previously issued warnings on the fragmentation of the global economy as a result of the Russia-Ukraine war, and cut 2023 growth forecasts to 2.7% — predicting a slowdown from an expected 3.2% in 2022.

“This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic,” the international body in its October report.

“We are seeing some signs of fragmentation already and they come from a legitimate concern … the security of supplies,” Georgieva told CNBC.

“We have seen [this] because of Covid and because of the war in Ukraine, that supply chains get interrupted, and that damages growth domestically and internationally.”

She added that if the world chooses to go into “separate blocs,” there will be a high price to pay.

“And this price would be particularly high for open economies, and more broadly for the developing world,” warned Georgieva.

Asia and the Pacific, for example, could lose over 3% in gross domestic product if trade is cut off in sectors hit by U.S. chip sanctions on China and if non-tariff barriers in other areas are raised to “Cold War-era levels,” said the IMF in a report last month.

“If we want not to lose somewhere between $1.4 [trillion] to maybe $3.4 trillion a year — just imagine what we can do with this money — then we should very carefully project the consequences of actions and be wise to prevent sleepwalking into a world that is poorer and less secure,” Georgieva said.

Tags: global economyIMFIMF says war in Ukraine is the ‘single most important negative factor’ for global economyUkraine
No Result
View All Result

Highlights

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

One in Two Nigerians Live in Poverty: Why Relief Programmes Have Failed

Developing Countries Accuse Rich of Broken Climate Promises at UN

Ghana Urged to Embrace Non-Interest Finance to Drive Inclusive Growth

Finance Minister Welcomes IMF Team for Fifth Review of Ghana’s Programme 

Trending

Business

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review

September 30, 2025

Finance Minister Strikes Upbeat Tone About Economy as IMF Begins Fifth Programme Review Ghana’s finance minister, Cassiel...

Everything You Need to Know About CAF’s Ordinary General Assembly – Kinshasa 2025

September 30, 2025

Sinner Storms into Beijing Final as Gauff Battles Past Bencic

September 30, 2025

Alcaraz Triumphs Over Fritz in Tokyo, Secures Eighth Title of the Season

September 30, 2025

Africa’s Borrowing Costs are too High: The G20’s Missed Opportunity to Reform Rating Agencies

September 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.