IMF: Russia-Ukraine conflict escalation would cause 'devastating' economic damage

The International Monetary Fund (IMF) warned in a weekend report, the already "serious" global economic impacts of the war in Ukraine would be "all the more devastating" should the conflict escalate.

Key quotes

"Should the conflict escalate, the economic damage would be all the more devastating.”

"Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses.”

In Ukraine, "the economic damage is already substantial," with infrastructure shut down, damaged or destroyed, with the country due to "face significant recovery and reconstruction costs."