The storm that hit the mountain town of Davos Monday afternoon served Kristalina Georgieva, managing director of the International Monetary Fund (IMF), to frame it. metaphor for the world economy: “The horizon has darkened”said but ruled out the risk of a global recession “for now” in any case, it may occur in some countries “in a more fragile situation and highly dependent on food and energy” than Russia or Ukraine.
In April, the IMF had already cut its global growth forecast to 3.6% due to the war in Ukraine. Since then “the horizon has darkened” and 2022 “will be a difficult year”Georgieva in a discussion on the world’s economic perspectives within the framework of the annual meeting of the World Economic Forum (WEF for English acronym). geopolitical, strategic and economic consequences “I see a recession in Europe,” said Jane Fraser, CEO of Citi banking in the US, another participant in the Discussion panel stemming from the war in Ukraine.
Georgieva worries about inflation and especially rising food prices. “We are experiencing a shock in the prices of basic products, especially food, which have risen to an unprecedented level,” he said. “We can reduce our oil consumption, but we must eat every day,” added the IMF director, who signed a document calling on States to take action in this regard on the same Monday. restore trust and prevent fragmentation geoeconomic to the detriment of the poorest countries, in a context where the economy is facing “perhaps” the greatest challenge since WWII. The Fund asks States to prioritize four measures to restore global confidence: reducing trade barriers; promoting agreements on the debts of vulnerable countries; modernize cross-border payment systems; and face the transformation to green energy.
Source: Informacion
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