The head of the IMF has warned at the start of the World Economic Forum in Davos that the global economy faces perhaps its “biggest test since the second world war”. Kristalina Georgieva, IMF managing director, said Russia’s invasion was “devastating lives, dragging down growth and pushing up inflation”, and urged countries not to “surrender to the forces of geoeconomic fragmentation that will make our world poorer and more dangerous”. ” The sanctions have contributed to concerns, however, in the global economy that it is moving into a more turbulent period. Increasing numbers of economists have become alarmed that the world is sliding towards a recession, with Chinese production falling sharply as it battles coronavirus, Europe suffering from a cost of living crisis, the US moving from boom to bust and emerging markets facing food shortages. Georgieva urged all countries to lower barriers to trade, help countries in debt distress and modernise cross-border payments systems. But she warned: “There is no silver bullet to address the most destructive forms of fragmentation.” NN: Reality is the world is headed for a depression. It cannot be avoided. The food and energy crises plus supply chains imploding have set in motion a chain reaction that cannot be stopped. remember the US debt to GDP ration is over 125…the only civilized country in worse shape is Italy.