May 24 , 2022
Davos World Economic Forum: Global economy faces its biggest test since WWII, Kristalina Georgieva IMF Chief
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The International Monetary Fund (IMF) says the global economy is being brought to the edge of a precipice by crisis upon crisis.
In a statement at the World Economic Forum in Davos, Switzerland on Monday, IMF Managing Director Kristalina Georgieva said the economy faces perhaps its biggest test since the Second World War.
She warned that Russia's invasion of Ukraine has compounded the effects of the COVID-19 pandemic, weighing on the economic recovery and fanning inflation as the cost of food and fuel jumps.
In an interview with Bloomberg on the sidelines of the World Economic Forum, Ms Georgieva said she expects that over the next 18 months, countries will call on the IMF for more assistance.
"We are living in a time of crisis upon crisis. Who is most at risk? The countries that were weaker to begin with. And so, we are already seeing an increase of demands for IMF engagement in Lebanon, Egypt, in Tunisia, in Sri Lanka, and we are looking into 2022 as a difficult year for especially developing countries under a high level of debt," she pointed out.
Ms Georgieva said, while there is an increased risk of recession in some countries, the IMF does not anticipate a global recession.
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