The war in Ukraine poses serious economic challenges to European countries, which must ensure their energy security while managing a severe refugee crisis caused by the war in Ukraine, the International Monetary Fund (IMF) said in a report on the region published today. from AFP, BTA reported.

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The offensive, launched two months ago by Russia, cut Europe's growth forecast to 1.6 percent this year from 3.8 percent in January.

"Above all, the war reminds us that Europe needs to do more to improve its energy security, in particular by developing renewables and improving energy efficiency," said Alfred Kamer, IMF's director in charge of Europe.

The fund's economists recommend that the countries prepare for the upcoming winter season, both by diversifying gas supplies and replenishing gas supplies, and by developing alternative energy sources.

"Some countries have already started implementing energy security measures, including the search for alternative suppliers (Bulgaria, Germany, Italy) and delaying the release of nuclear and coal-fired power plants (Belgium, Italy)," the IMF said.

But the fund calls for expanding measures to develop renewable energy sources and improving energy efficiency as part of the transition to green energy.

However, IMF economists acknowledge that the reduction in Russian gas imports carries the risk of "serious consequences for operations in the second half of 2022 and the first half of 2023", as Europe is likely to find alternative solutions to compensate for only 60 to 70% of Russian imports.

The IMF has lowered its forecasts for global growth

The other major issue in this war is "the management of the refugee crisis, the consequences of which are still unclear," the institution, which held its spring meetings this week, said.

Once the war is over, European countries must work collectively to rebuild Ukraine to encourage refugees to return to their country and thus avoid a long-term burden on the budgets of host countries.

The Russian invasion of Ukraine