Georgiyeva, President of the International Monetary Fund (IMF), said on the 14th that the conflict between Russia and Ukraine has caused great setbacks to the global economic recovery. Its impact will lead to the reduction of the economic growth forecast of 143 economies this year, which account for 86% of the global economy. Georgi Ieva pointed out in a forward looking speech at the IMF and World Bank spring meetings that the current situation is a superposition of crises. COVID-19 has not yet ended, the virus continues to rage, and the economic impact of the conflict between Russia and Ukraine has spread rapidly to the whole world. She said that before the conflict between Russia and Ukraine, the epidemic had weakened the momentum of world economic recovery. In the updated contents of the world economic outlook report released in January this year, the IMF has lowered the forecast value of world economic growth in 2022 by 0.5 percentage points to 4.4%. Georgiyeva said that since then, the economic outlook has deteriorated significantly. The Russian Ukrainian conflict has brought spillover effects through commodity, trade and financial channels and may further exacerbate inequality. Inflation, tighter financing environment and global supply chain bottlenecks have also affected economic activities. The IMF will release the new world economic outlook report next week, which is expected to further reduce the world economic growth forecast in 2022 and 2023. Georgiyeva said that the top priority is to end the conflict, fight the epidemic, and deal with the problems of high inflation and rising debt. She called for global action to jointly address climate change and embrace the digital revolution. Georgieva pointed out that in the context of tightening monetary policy in developed economies, emerging and developing economies face increased potential spillover risks, their borrowing costs may rise and may also be impacted by capital outflows. (Xinhua News Agency)