The Takeaway: Ukraine war worsens Middle East oil gap
Sudan’s Burhan accuses UN envoy; Egypt increases support for Sudan; Libya cracks down on human rights activists; Turkey’s farmers face economic pinch; Islamic State uses dust as cover in Iraq … all in less than 1,200 words!
Lead: IMF forecast shows widening gap between oil-haves and oil-have-nots
Grim Global Outlook:
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The global economy’s prospects have "worsened significantly" as a result of Russia’s invasion of Ukraine and the resulting "sanctions aimed at pressuring Russia to end hostilities," according to the IMF’s World Economic Outlook.
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The IMF and World Bank Group Spring meetings in Washington this week are addressing the war’s consequences, which are especially acute for emerging markets, coming on the tail of the COVID-19 pandemic. Fallout includes rising food costs and food insecurity, as well as higher energy prices, inflation, interest rates and debt burdens.
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The IMF now projects global growth for 2022 and 2023 at 3.6% (down by 0.8 percentage point and 0.2 percentage point, respectively, from its projections of just three months ago).
