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<strong>Just ahead of the much-awaited meeting of G20 ministers and central bank governors amid worsening economic situation driven by the prolonged Russia-Ukraine war, Kristalina Georgieva, the top boss of International Monetary Fund has warned that 2022 will be a tough year and possibly the next year will be even tougher. Europe&rsquo;s economic crisis is worsening as it stares at acute energy shortage and could even slip into a recession.</strong></p>
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&ldquo;As G20 ministers and central bank governors gather in Bali this week, they face a global economic outlook that has darkened significantly,&rdquo; she wrote in a blog.</p>
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Not only have the smaller economies in Europe been hit hard but even the hitherto resilient and &ldquo;strong&rdquo; economies are now bracing for difficult times.</p>
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She pointed out that inflation is higher than expected and has broadened beyond food and energy prices. &ldquo;This has prompted major central banks to announce further monetary tightening&mdash;which is necessary but will weigh on the recovery,&rsquo; she said.</p>
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The multilateral agency is also set to downgrade the global growth projections.</p>
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The annual inflation of living in the Euro area touched a record 8.6 per cent in June, up from 8.1 per cent in May.</p>
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To add to that problem, farmers in several European countries have now launched massive protests as countries push for organic farming and support the &lsquo;Farm to Fork&rsquo; strategy.</p>
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Clearly, the sanctions on Russia have almost crippled European economy adding more uncertainty to global recovery.&nbsp; &nbsp;</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/euro-the-eu-currency-is-likely-to-keep-losing-sheen-amid-ukraine-war-183224.html">Euro, the EU currency is likely to keep losing sheen amid Ukraine war</a></strong></p>
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