Highlights

  • Russian invasion of Ukraine has severely set back global economies
  • Global growth outlook from 6.1% in 2021 to 3.6% in 2022
  • India's GDP forecast cut to 8.2% from 9%

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IMF downgrades growth outlook, warns of risks from war & Covid

IMF warns that the war is creating a situation of persistent high inflation as supply-demand imbalances continue to worsen

The International Monetary Fund is resetting its global growth outlook as the Ukraine Russia war has changed economic landscape and outlook with rising commodity prices and supply disruptions.

Blaming the Russian invasion of Ukraine, the IMF while states that the global economic prospects have been severely set back. The monetary agency has thus cut global growth outlook which is now projected to slowdown from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Similarly India's growth forecast has been trimmed to 8.2% a cut of 80 bps but still making the subcontinent the fastest growing economy this year.

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IMF expects demand in India to be hit due to higher oil prices which will weigh on industry and households. India imports 80% of it's oil requirements.

IMF warns that the war is creating a situation of persistent high inflation as supply-demand imbalances continue to worsen.

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The agency in its spring meeting has also highlighted downside risks to this already set back outlook. Topping that list is a possible worsening of the war, escalation of sanctions on Russia, a sharper-than-anticipated deceleration in China, renewed flare-up of pandemic and also ongoing climate emergency.

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