Global recession risk rising as economic outlook ‘darkens significantly’, IMF says

International Monetary Fund managing director Kristalina Georgieva says war in Ukraine has exacerbated cost-of-living crisis and increased risk of global recession. Photograph: Fabrice Coffrini/AFP/Getty Images

The outlook for the global economy has “darkened significantly” in recent months, the head of the IMF has warned, and the world faces an increasing risk of recession in the next 12 months.

The commodity price shock from the war in Ukraine had exacerbated the cost-of-living crisis for hundreds of millions of people, Kristalina Georgieva said on Wednesday, and it was “only getting worse”.