War in Ukraine, sanctions will have 'severe impact' on global economy: IMF

JPMorgan Chase & Co. economists have cut their outlook for global growth this year by about a percentage point, and raised their inflation estimate.

The International Monetary Fund warned Russia’s war with Ukraine and the subsequent sanctions imposed upon President Vladimir Putin’s country will have a “severe impact” on the global economy.

“While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious,” the Washington-based lender said in a statement on Saturday.

Food and energy prices have surged in recent days and supply chains have frayed, adding to the inflationary pressures that policy makers were already struggling to tackle. JPMorgan Chase & Co. economists cut their outlook for global growth this year by about a percentage