The IMF's Georgieva is speaking and warning about negative global outcomes:
- Further disruptions in natural gas supplies to Europe could plunge many economies into recession and trigger a global energy crisis
- Sees 'tough' global economic conditions in 2022, increased risk of recession in 2023
- Reducing debt is 'urgent necessity' especially in developing countries with non-local debt
- Global economic outlook remains 'extremely uncertain' and a downgrade in forecasts is expected for 2022 and 2023
- The outlook has 'darkened significantly'
Given current natural gas and electricity prices, my baseline for Europe is already a recession. If Russia cuts off the gas, it will be a catastrophe.
