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Global economies grapple with lasting impact of Ukraine war

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The International Monetary Fund (IMF) estimates that Russia will have economic growth of 2.6 percent in 2024, while its government projects a slightly lower growth rate of 2.3 percent.

Two other giant economies, Japan and the United Kingdom, have again fallen into recession. They recorded a shrinking trend for two consecutive quarters.

This raised the question whether America, the largest economy, would also have to face economic recession.

Although the effects of the COVID-19 pandemic have been contained relatively quickly, the effects of the war are lasting.

Since there are various restrictions on Russian energy due to the war, other countries have no choice but to buy fuel at very high prices. This increased inflation, prompting countries to raise their policy interest rates. But after this the pace of development slowed down.

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