Russia-Ukraine war is most important factor hurting growth

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The war in Ukraine is the “single most important negative factor” for the world economy this year — and most likely for 2023 as well, IMF chief Kristalina Georgieva told CNBC Wednesday. 

“We judge the war in Ukraine to be the single most important negative factor for the world economy this year, most likely also next year,” she told CNBC’s Martin Soong on the sidelines of the Group of 20 meeting in Bali, Indonesia.

“Anything that creates more anxiety is, of course, damaging for the prospects for growth and for meeting the needs and aspirations of people everywhere,” said the managing director of the International Monetary Fund.

Her comments were in response to a missile that struck Polish territory late Tuesday, which killed two civilians. 

Preliminary assessments suggest the Russian-made missile may have been fired by Ukrainian forces at an incoming Russian missile.

International Monetary Fund Managing Director Kristalina Georgieva attends a session during the G20 Summit in Nusa Dua on the Indonesian resort island of Bali on November 16, 2022.

Willy Kurniawan | Afp | Getty Images

NATO’s secretary-general said “there was no indication this was the result of a deliberate attack,” even as investigations are ongoing.

“But let me be clear, this is not Ukraine’s fault. Russia bears ultimate responsibility as it continues its illegal war against Ukraine,” Jens Stoltenberg said.

Most G-20 members condemned Russia’s aggression against Ukraine in a draft declaration on Tuesday.

“I want to congratulate Indonesia for chairing so well, in this very difficult moment,” she said.

NATO chief says Poland blast likely caused by Ukrainian missile, adds it wasn't Ukraine's fault

However, she stressed that the G-20 summit is not about the fact that there’s a joint declaration, but the focus has been “very pressing problems” — such as global inflation, rising costs of living, food and energy security.

“I was listening very carefully to all the statements and it’s encouraging that these are the issues we are focusing on — as we must.”

‘High price to pay’ for fragmentation 

IMF's managing director: We are going to see a very difficult 2023

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