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War in Ukraine seen as turning point for global economy, — IMF

Russian continuous aggression in Ukraine has affected not only these 2 countries, but also caused dire consequences for the global economy, long to be affected by it in the future. The First Deputy Managing Director of the International Monetary Fund Gita Gopinath said this in a comment for Ukrinform. "The war has been a turning point also for the global economy. It has increased fragmentation pressures and raised defense spending as countries implement measures to strengthen their economic and national security," she stated. The measures allow countries adapt to conflicts, and they “will likely make the global economy more shock-prone with higher inflationary pressures, reduced potential output growth, and precarious public finances”. Still, economists emphasize on the tramendous consequnces that Ukraine has faced in the first place. Despite the sustainable global support and specific macroeconomic policies implemented by the authorities, including the National Bank of Ukraine, its economical output is now 25 percent below its pre-war level. "Ongoing help is needed. The Ukraine Recovery Conference in Berlin (June 11-12) has just been discussing ways in which the world can help, and the IMF will continue to play its role," Gopinath assured. In April, the IMF stated that Ukraine would need at least $42 billion in international aid to support its budget in 2024. Read also: EU accession talks with Ukraine oficially scheduled for June 25 The post War in Ukraine seen as turning point for global economy, — IMF appeared first on Freedom.