The International Monetary Fund (IMF) will likely revise down its global growth forecast next month due to the "tragic impact" of Russia's war on Ukraine.
"We have contraction on a significant basis in Russia. And we see the likely impact on our World Economic Outlook (that) we will come up with next month to be a downward division of our growth projections," IMF chief Kristalina Georgieva said at a press conference on Thursday.
She said the world is in "an even more shocking territory" as it faces a crisis much worse than the coronavirus pandemic.
"The unthinkable happened: we have a war in Europe," she said.
Georgieva stressed that "unprecedented sanctions" are pushing the Russian economy "into a deep recession," with massive currency depreciation driving up inflation.
"The Russian default is no more an improbable event. Because in this case, with Russia, it's not that Russian doesn't have money. Russia cannot use this money," she added.
