The International Monetary Fund has said that the war in Ukraine will set back the global economic recovery.
The international body expects the conflict to slow growth in the world.
The global forecast has been cut and the outlook for the UK has been changed.
The UK will no longer be the fastest growing economy in the G7 group of leading Western nations.
The body says that UK growth will slow as price pressures lead households to cut spending, while rising interest rates are expected to cool investment.
The UK's economy is predicted to grow by 3.7% this year, down from the previous forecast of 4.7%.
Next year, the UK is expected to have the lowest growth in the G7 and across Europe's main economies, at just 1.2%. The UK's figure in the G20 group is the lowest of any of the nations, which include China and India.
The International Monetary Fund helps countries who are struggling with short-term loans and assistance.
Inflation is now a clear and present danger in many countries and the situation has added to the supply of strains from the coronaviruses.
In a few weeks, the world has yet again experienced a major,transformative shock, according to the director of research at the International Monetary Fund.
As a durable recovery from the global economic collapse appeared in sight, the war has created the very real prospect that a large part of the recent gains will be erased.
The organisation said it expected global growth to be 3.6% this year, down from its previous forecast.
The World Bank lowered its growth forecast from 4.1% to 3.2%.
The West cut off key trade and financial networks in Russia and Ukraine after the invasion because of the conflict.
Russia's economy is expected to shrink by 8.5% this year, while Ukraine is facing a severe contraction, according to the International Monetary Fund.
The consequences of Russia's actions will be felt far beyond their borders, according to the International Monetary Fund.
There have been two shocks to the world economy in a short period of time.
The latter is creating problems that are tripping up a healthy recovery and sending prices up even faster.
Food and energy prices were already going up before one of the world's biggest energy suppliers invaded one of the world's biggest food exporter.
There are new problems emerging from the Covid restrictions in some parts of China.
Poorer countries are dependent on food imports for social stability.
The world's central bankers are raising interest rates because of inflation fears. The cost of borrowing for record debts is going up because of that.
The old and new financial powerhouses of the world need to work together. It has been a commodity in short supply recently.
It said that the economic effects of the war are spreading like waves from an earthquake.
In Germany, the war is likely to lower growth by 1.7 percentage points.
In countries with little trade with Russia and Ukraine, households will feel the effects of the war as central banks respond to the rapid inflation by raising interest rates.
In the US, the organisation lowered its forecast for growth to 3.7% in 2022, citing the prospect of more aggressive interest rate rises.
The inflation pressures are worse than they were in January.
It predicts that inflation in advanced economies will hit 5.7% this year, while it will reach 8.7% in emerging markets.
The UK is expected to have the highest inflation in the G7 next year at 5.3%, which is 888-492-0 888-492-0 888-492-0'd by crisis-ridden Argentina, Turkey and Russia.
Mr Gourinchas wrote that inflation has become a danger for many countries.
Some countries are benefiting. Saudi Arabia's growth is expected to be stronger than it was in January.
The risks are not solely economic.
The war created a refugee crisis and made political tensions worse, which could lead to more permanent fragmentation of the world economy into blocks with distinct technology standards, cross-border payment systems and reserve currencies.
The International Monetary Fund said that atonic shift would cause long-run efficiency losses, increase volatility and represent a major challenge to the rules-based framework that has governed international and economic relations for the last 75 years.
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