HOW DID WE GET HERE?

In its report, the IMF blames the declining economies on three major events: Russia’s invasion of Ukraine, the cost-of-living crisis and China’s economic slowdown. Many products are made and distributed from China to the rest of the world. But the country is still recovering from widespread coronavirus lockdowns that have affected both businesses and consumers. Together, these issues create a “volatile” period economically, geopolitically and ecologically, the IMF says.