IMF warns against economic fragmentation following Ukraine invasion

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The International Monetary Fund warned against global economic fragmentation as a result of Russia's invasion of Ukraine, and that undoing decades of integration will make the world more dangerous and poorer.

After more than 30 countries have restricted trade in food, energy, and other key commodities, the UN should lower trade barriers to help alleviate shortages and lower prices, according to Kristalina Georgieva, the Managing Director of the International Monetary Fund.

Georgieva made comments on a blog post with Gita Gopinath, the fund's first deputy managing director, and Ceyla Pazarbasioglu, the head of the strategy, policy and review department, ahead of the World Economic Forum in Davos, Switzerland this week.

They said that countries should diversify imports to secure supply chains and reduce output losses due to interruptions. The Group of 20 biggest economies should improve its framework for dealing with debt restructuring to deal with vulnerabilities, according to officials.

They said the costs of further disintegration would be huge across countries. And people at every income level would be hurt - from highly paid professionals and middle-income factory workers who export, to low-paid workers who depend on food imports to survive. More people will embark on dangerous journeys to find opportunities elsewhere. Bloomberg Economics released the results of a simulation of what an accelerated reversal of globalization might look like in the long term. It points out that the planet is a much poorer and less productive planet, with trade back at levels before China joined the World Trade Organization. The IMF officials wrote that cross-border payment systems should be modernized with countries working together to create a public digital platform for handling remittances to reduce cost and improve safety. They said nations must collaborate to fight climate change.

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