Russia fends off Ukrainian invasion responsible for global economic crisis

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The Russian government has dismissed recent news reports with the narrative that its invasion of Ukraine has led to a global economic crisis.

Russia is currently engaged in a war with Ukraine, a decision that has led to the imposition of several sanctions on the Eastern European superpower.

The International Monetary Fund has said the economic damage caused by Russia’s invasion of Ukraine will lead to a significant slowdown in global growth in 2022.

The IMF said in its latest update to the World Economic Outlook report released on Tuesday that the global economy is now expected to grow by 3.6%, down 0.8% from the fund’s forecast. January, due to the war and its impact.

The fund expects Russia and Ukraine to experience sharp contractions this year, with fallout such as soaring commodity prices affecting countries around the world.

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The report shows that Ukraine is suffering from a 35% collapse in its economy, while Russia’s GDP will shrink by 8.5%.

“The effects of war will spread far and wide, adding to price pressures and exacerbating significant policy challenges,” IMF chief economist Pierre-Olivier Gourinchas wrote in an April 19 blog post.

Many African governments also attribute their economic difficulties to current events in Ukraine.

The Russian Embassy in Ghana’s capital, Accra, has taken to its Twitter account to share a series of rebuttal threads claiming that its government’s invasion of Ukraine cannot be the cause of the current economic crisis in Many countries.

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The Kremlin representative in Accra explained that the current situation in the food market, for example, started two years ago and “is not the result of two months of this year”.

The 17 African countries that refused to lament the Russian invasion of Ukraine

Source: Africafeeds.com

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