IMF says war in Ukraine will have ‘severe impact’ on global economy

In a statement, the global lender said the war in Ukraine was already driving energy and grain prices higher, and had sent a wave of more than 1 million refugees to neighboring countries, while triggering unprecedented sanctions on Russia.

“While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious,” the IMF said. “The ongoing war and associated sanctions will also have a severe impact on the global economy.”