Harsh winter could lead to social unrest in Europe: IMF

WASHINGTON: A harsh winter could lead to social unrest in Europe, where Russia’s invasion of Ukraine has already led to “horrible” economic consequences and is stoking fears of recession, the head of the International Monetary Fund said on Wednesday.

IMF Managing Director Kristalina Georgieva said the current situation meant that the European Central Bank needed to carefully balance its fight against inflation while remaining “mindful of the necessity to keep the economy going”.

“There is certainly fear of recession in some countries, or even if it is not recession, that it would feel like recession this winter,” Georgieva said. “And if Mother Nature decides not to cooperate, and the winter is actually harsh, that could lead to some social unrest.”