The International Monetary Fund (IMF) has confirmed the projected fall in real gross domestic product (GDP) of Ukraine in 2022 by 35% with inflation of 30%.

"For Ukraine, all projections for 2022–27 except those for real GDP and consumer prices are omitted owing to an unusually high degree of uncertainty. Real GDP and consumer prices are projected through 2022," the IMF said in the updated World Economic Outlook (WEO) published on Tuesday.

According to the IMF, Russia's GDP will contract by 3.4% this year, and slow down to 2.3% next year.

"The contraction in Russia’s economy is less severe than earlier projected, reflecting resilience in crude oil exports and in domestic demand with greater fiscal and monetary policy support and a restoration of confidence in the financial system," the authors of the report said.

In general, the IMF left unchanged its July forecast for global economic growth in 2022 – 3.2% (in January, an increase of 4.4% was expected, in April by 3.6%). For 2023, the estimate is lowered to 2.7% from 2.9% in July and 3.6% in April (in January, the IMF predicted global GDP growth of 3.8%).