The war in Ukraine is likely to slow global growth, the I.M.F. warns.

The battle in Ukraine and the related sanctions that nations all over the world have imposed on Russia are prone to trigger a downgrade of the Worldwide Financial Fund’s world financial development forecast, Kristalina Georgieva, the I.M.F.’s managing director, mentioned on Thursday.

The Ukraine disaster is one other shock to a world financial system that was simply rising from the coronavirus pandemic, and it has been compounding world provide chain disruptions and inflation headwinds which were trigger for concern. The complete influence on the world financial system stays unsure, I.M.F. officers mentioned, and can depend upon the result of the battle and the way lengthy sanctions stay.

“We simply bought by means of a disaster like no different with the pandemic, and we are actually in an much more stunning territory,” Ms. Georgieva instructed reporters. “The unthinkable occurred — we have now a battle in Europe.”

In January, the I.M.F. diminished its estimated world development fee for 2022 to 4.4 %, from the 4.9 % it had projected final yr, on account of slowdowns in the USA and China.

Ms. Georgieva mentioned essentially the most important risk to the world financial system was higher inflation coming from larger commodity costs as nations shifted consumption away from Russian oil and gasoline. This, in flip, may eat into client spending. Worsening monetary circumstances and enterprise confidence even have the potential to weigh on development.

“The surging costs for power and different commodities — corn, metals, inputs for fertilizers, semiconductors — they’re coming, in lots of nations, on prime of already excessive inflation and are inflicting grave concern in so many locations all over the world,” Ms. Georgieva mentioned.

The I.M.F. is working to develop a plan to supply extra help for Ukraine’s eventual rebuilding effort, however mentioned it was too quickly to know the extent of the nation’s wants. This week, the fund’s government board authorised $1.4 billion in emergency financing.

Ukraine’s prime financial adviser mentioned earlier on Thursday that Russia had already destroyed $100 billion value of the nation’s belongings.

The fund can also be assessing the influence of the sanctions on the financial system of Russia. A lot of its monetary sector and its central financial institution has been blacklisted.

“The Russian financial system is contracting, and the recession in Russia goes to be deep,” Ms. Georgieva mentioned. “That’s already clear.”

She mentioned Russia was unlikely to have entry to its emergency foreign money reserves due to sanctions.

The I.M.F. has halted operations and applications in Russia. Ms. Georgieva mentioned there had been no discussions about ending Russia’s membership within the fund.