Fun

IMF Warns Ongoing War in Europe Will Have a ‘Severe Impact on the Global Economy’

News Feed - 2022-03-07 03:03:20

IMF Warns Ongoing War in Europe Will Have a "Severe Impact on the Global Economy"


In a report published on Saturday, the International Monetary Fund (IMF) has warned that an ongoing war in Europe and associated sanctions will have a “severe impact on the global economy.” The IMF’s report says there is “extraordinary uncertainty” in the air, and the international financial institution believes “economic consequences are already very serious.” IMF’s Economic Outlook Amid Ongoing War in Europe Predicts Inflationary Pressures, Supply Chain Disruptions, and Price Shocks


With a crisis happening in the world, many analysts and economists are concerned about the global economy and the aftermath of the warfare taking place in Ukraine. Additionally, Russian sanctions are being discussed or implemented daily by a large quantity of countries across the globe.


On Saturday, the IMF issued a staff statement concerning the economic impact of the war in Ukraine after the executive board met on March 4. The report notes that the meeting was chaired by the IMF’s managing director Kristalina Georgieva. The IMF’s outlook is not great and the international financial institution has noticed the energy and commodities boom last week.



All of this has added to “inflationary pressures from supply chain disruptions” and it could slow the Covid‑19 pandemic rebound, the IMF’s report details. “Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses,” the IMF’s statement adds.


The IMF’s report explains war-related issues could further cause economic fallout across a myriad of countries. “Should the conflict escalate, the economic damage would be all the more devastating — The sanctions on Russia will also have a substantial impact on the global economy and financial markets, with significant spillovers to other countries,” the IMF communications department statement notes. Gold Continues to Rise, US Futures Markets Slide, Crypto Economy Slips More Than 3% in 24 Hours


The statements from the IMF published on Saturday follow the recent signals of a pending recession, and one analyst who noted the economic fallout could be “10x worse than the Great Depression.” Inflation has been on the rise, and investors are worried about hawkish central banks raising interest rates and tapering large asset purchases. More specifically, the U.S. Federal Reserve is expected to raise the benchmark interest rate, but people some predict the ongoing conflict in Europe could stop this from happening.



Meanwhile, the price of a single ounce of .999 fine gold has risen 0.84% during the last 24 hours, reaching a high of $1,989 per ounce on March 6. On Sunday evening (EST) Dow Jones futures dropped significantly, alongside declines stemming from Nasdaq futures and S&P 500 futures. Equities markets are expected to get roiled on Monday and the global cryptocurrency market capitalization on Sunday slid in value. At 8:00 p.m. (EST) on Sunday the crypto economy is down $1.8 trillion, recording a -3.2% change during the last 24 hours.


The IMF noted that there has been critical infrastructure damage in Ukraine. Last week, the IMF explained that the country has $2.2 billion available between now and the end of June. Moreover, World Bank Group, the group of five international entities that makes leveraged loans to countries, is “preparing a $3 billion package of support in the coming months,” the IMF detailed on March 1.


You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Tags in this story Central Banks, commodities, Dow Jones futures, Economic Recession, economics, Economy, energy stocks, Fed, Global Economy, gold, Great Depression, IMF, IMF executive board, interest rate, International Monetary Fund, Kristalina Georgieva, Nasdaq futures, Recession, S&P 500 futures, sanctions on Russia, U.S. Federal Reserve, Ukraine, war-related issues, World Bank Group


What do you think about the IMF’s report concerning the global economy amid an ongoing war? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Wharton Professor Urges the Fed to "Bite the Bullet" and Defend the US Dollar — Warns About Bitcoin Taking Over ECONOMICS | 6 hours ago US Treasury Yield Curve Highlights Recession Signals, Analyst Thinks Fallout Will Be "10x Worse Than the Great Depression" ECONOMICS | 14 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance, Coinbase Explain Why Cryptocurrency Won’t Help Russia Evade Sanctions Next articleVisa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItVenezuela Might Be Affected by Russian Banks" SWIFT Suspension


Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also ... read more.Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia Mobius Capital Founder Explains Why Bitcoin Is Rallying Amid Russia-Ukraine War

News Feed

Savannah Fortis11 hours agoSarah Silverman sues Meta and OpenAI for copyright violationsAuthor Sarah Silverman, and two others, opened a lawsuit against OpenAI and Meta for using copyrighted work to train their AI system
Visa and Mastercard: A boon for wallet holders, a threat to crypto exchanges?
Andrew Singer8 hours agoVisa and Mastercard: A boon for wallet holders, a threat to crypto exchanges?Crypto debit cards aren’t new. But Visa supports 40 cryptocurrencies across an enormous network. “That’s a big de
Blockchain.com Will Allow Retail Wallet Users to Borrow USD Stablecoins With Cryptocurrency
Blockchain.com Will Allow Retail Wallet Users to Borrow USD Stablecoins With Cryptocurrency The digital assets lending field seems to be heating up with Blockchain.com starting t
Congo Based Startup Jambo Raises $7.5 Million in Seed Funding Round
Congo Based Startup Jambo Raises $7.5 Million in Seed Funding Round A Congo-based Web3 app developer, Jambo, recently said it raised $7.5 million in a seed funding round. According
Guggenheim Investments Increases Bitcoin Fair Value Estimate — Says BTC Price Could Reach $600K
Guggenheim Investments Increases Bitcoin Fair Value Estimate — Says BTC Price Could Reach $600K Guggenheim Global Chief Investment Officer Scott Minerd has inc
Brian Nibley3 hours agoInflation and war impact markets, but Paul Tudor Jones says, ‘I love Bitcoin and gold’Billionaire investor Paul Tudor Jones says he is bearish on U.S. stocks, and bullish on Bitcoin and gold.94
Dubai Regulator Announces Virtual Assets Marketing and Advertising Guidelines
Dubai Regulator Announces Virtual Assets Marketing and Advertising Guidelines The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digita
Crypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and more
Ana Paula Pereira6 hours agoCrypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and moreThis week’s Crypto Biz also explores Tether’s new hiring, a takeover bid for Cipher, Grayscale new decentralized
$7.5K: Bitcoin’s Price Tanks to Four-Month Low
Bitcoin’s low volatility consolidation has ended with a violent drop beyond four-month lows near $7,500. The premier cryptocurrency fell by $500 in just 15 minutes at 12:50 UT
Derek Andersen2 hours agoOpenSea lays off 50% of staff with severance in preparation for version 2.0 launchThis is the second layoff by the pioneering NFT marketplace after the crypto winter and a stubborn bear market fo
Introducing MetaWars: A Strategic Blockchain-Based Game in the Metaverse
Introducing MetaWars: A Strategic Blockchain-Based Game in the Metaverse sponsored MetaWars is a highly immersive multiplayer strategy game. With an infinite universe that is establ
Prashant Jha11 hours agoDeFi liquidity protocol adds ConsenSys-developed zkEVM rollup LineaThe co-founder of the liquidity protocol said the ZK-rollup-based scaling solution could potentially solve the scalability dilemm