The global economy suffers from the war in Ukraine and the pandemic.

The global economy has demonstrated resilience to a few negative shocks — pandemics, wars, climate events, and the cost-of-living crisis. The recovery from these shocks continues slowly and unevenly, IMF chief Kristalina Georgieva said.

“Trillions of dollars in global production have been lost compared to pre-pandemic global trends,” she said.

According to her, only the US has fully recovered among the largest economies. The Eurozone continues to lag by around 2%, while China and other developing and emerging market countries lag by around 5%, with low-income countries suffering even more.

“After solid growth of more than 6% in 2021, the recovery has slowed significantly, mainly due to the shock of Russia’s war in Ukraine. We forecast that this weakness will persist, with global growth of around 3% over the medium term, added Georgieva. This is the lowest growth in recent decades in terms of inflation.