World economy to grow at a slower pace due to Russia-Ukraine conflict: International Monetary Fund

The International Monetary Fund in a report said that the world economy will grow at a slower pace due to the Russia-Ukraine conflict. The IMF in its report, forecasted growth of 3.6% this year, compared to 6.1% last year.

Originally, it had predicted 4.4% growth this year. It said, the economic effects of the conflict are spreading far and wide. The conflict has exacerbated negative economic trends such as disrupted commerce and price hikes for fuel and food.

The IMF also predicts the Russian economy will shrink by 8.5% this year, and Ukraine’s will fall by a whopping 35%. The United States, China and Europe were also expected to see slower growth as a result of the conflict.