Correct Answer : Option (B) - 35%
The International Monetary Fund(IMF) has estimated Ukraine’s GDP will collapse by 35 percent this year(2022), while Russia’s output will shrink by 8.5 percent in 2022.
But IMF Chief Economist Pierre-Olivier Gourinchas told a news briefing a tightening of sanctions against Russia to include restrictions on energy exports could double Russia’s GDP decline to 17 percent by 2023.
Spillovers from higher energy prices, a loss of confidence, and financial market turmoil would cut another two percentage points off of global growth forecasts, Gourinchas said.
The war, which Russia has described as a "special military operation"
, has caused a humanitarian crisis in Eastern Europe, displacing about five million Ukrainians to neighbouring countries, the IMF said..Source : Aljazeera
Published On : July 7, 2022
Category : Business and Economics