The International Monetary Fund (IMF), the World Bank and other major lenders to the world community have warned of the devastating consequences of the war in Ukraine for the world economy. “The entire world economy will feel the effects of the crisis,” said a joint statement from the institutions distributed on Friday. There were threats of slower growth, trade problems and a significant rise in inflation. The conflict is slowing down energy and food supplies and increasing poverty.
The declaration was signed not only by the IMF and the World Bank, but also by the European Investment Bank and the European Bank for Reconstruction and Development. The lenders said they were “dismayed and deeply concerned by the Russian invasion of Ukraine and the resulting crisis.”
Attacks on civilians and their infrastructure not only cause enormous suffering and displacement, but also endanger global peace and security and the basic social and economic needs of the world’s people, the institutions warned. After all, the war robs people “in the region and beyond of their means of subsistence.”
The heads of banks and institutions met on Thursday to discuss the global consequences of the war.