Sunday, June 26, 2022

Russia parries off Ukraine invasion blame for global economic crisis

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Elvis Adjetey
Elvis Adjetey
Elvis Adjetey is an experienced African journalist who has worked with top media brands in Ghana where he is based.
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The Russian government has rejected recent news reporting with the narrative that its invasion of Ukraine has led to a global economic crisis.

Russia is currently engaged in a war with Ukraine, a move that has led to several sanctions being placed on the Eastern European super power.

The International Monetary Fund has said that the economic damage caused by Russia’s invasion of Ukraine will lead to a significant slowdown in global growth in 2022.

The IMF said in its latest update of the World Economic Outlook report released on Tuesday that the global economy is now expected to grow 3.6%, down 0.8% from the fund’s January forecast, due to the war and its impact.

The fund expects both Russia and Ukraine to experience steep contractions this year, with spillover effects such as surging commodity prices affecting countries across the world.

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The report shows Ukraine suffering a 35% collapse of its economy, while Russia’s GDP will shrink 8.5%.

“The effects of the war will propagate far and wide, adding to price pressures and exacerbating significant policy challenges,” IMF chief economist Pierre-Olivier Gourinchas wrote in a blog post on April 19.

Many African governments are also blaming their economic woes on the current happenings in Ukraine.

The Russian Embassy in Ghana’s capital Accra has taken to its Twitter account to share series of threads of rebuttal saying its government’s invasion of Ukraine cannot be the cause of the current economic crisis of many countries.

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The Kremlin’s representative in Accra explained that the current situation in the food market, for instance, started two years ago and “not a result of two months of this year”.

 

The 17 African countries that declined to deplore Russia’s invasion of Ukraine

 

Source: Africafeeds.com

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