The International Monetary Fund (IMF) on Tuesday slashed the global growth forecast for 2022 to 3.6 percent amid the Russia-Ukraine conflict, 0.8 percentage points lower than the January projection.
According to its newly released World Economic Outlook report, the Ukraine crisis unfolds while the global economy is "on a mending path" but has not yet fully recovered from the COVID-19 pandemic.
The report showed that a severe double-digit drop in the gross domestic product (GDP) for Ukraine and a large contraction in Russia are "more than likely," along with worldwide spillovers through commodity markets, trade and financial channels.
Also on Tuesday, Russian Foreign Minister Sergei Lavrov said the second phase of Russia's special military operation in Ukraine has begun.
According to Lavrov, the operation in eastern Ukraine is aimed at "completely liberating" the populations of Donetsk and Lugansk.
Ukrainian President Volodymyr Zelensky on Tuesday submitted to the parliament a bill to further extend martial law in the country, the parliament press service said in a statement.
If lawmakers pass the bill, according to a report released by The Kyiv Independent, the martial law will be extended for two months, until June 24.
Produced by Xinhua Global Service
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