Georgieva explains that global growth has been affected by the Ukraine war

International Monetary Fund Managing Director Kristalina Georgieva said that the International Monetary Fund will lower its estimates of global growth for 2022 and 2023 as the Russian war in Ukraine has led to higher food and energy prices, and added that the World Bank will lower its growth forecasts for 143 economies that represent 86% of global economic output. Georgieva added, in statements to the Carnegie Endowment for International Peace in Washington, that "the root cause of what we are facing today is war and war is the one that must end.

Georgieva explained that the Western sanctions imposed on Russia reflect a global system that has been severely affected, warning of a major new danger of fragmenting the global economy into geopolitical blocs with different standards of trade, technology, payment systems and reserve currencies.