The Washington-based International Monetary Fund (IMF) warned of a more pessimistic economic outlook for the global economy and an increased risk of a global recession as economies from the U.S. to Europe feel the impacts of the pandemic and an ongoing war in Ukraine. "The global economy, still reeling from the pandemic and Russia's invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook," the IMF wrotejuly 26 in a new blog, adding that its outlook "has darkened significantly since April." Russia's invasion of Ukraine has added additional stress on supply chains already stretched by the pandemic, while restrictions on Russian energy exports have spurred food and energy inflation due to higher electricity, gasoline and diesel costs. In response, IMF recommended governments turn to fossil fuels only as a "stopgap measure" in order to mitigate climate change and limit emissions.
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