A combine harvester loads a truck of wheat into a field in the vicinity of Hrebeni, Kyiv region, Ukraine on July 17, 2020. REUTERS/Valentyn Ogirenko/File Photo

Together, Russia and Ukraine account for around 25% of global wheat exports

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The International Monetary Fund (IMF), in its first assessment of Russia-Ukraine war's impact, warned that the world should be prepared for an economic slowdown and an increase in inflation.

According to the IMF, Ukraine's economy will contract by more that a third. This is the largest fall of its kind in modern times.

According to the fund, the Russian economy will experience its worst recession since the fall of Soviet Union. It is expected that the Russian economy will contract by 8.5% this fiscal year due to sanctions from the US and Europe. The forecasts for economic output in nearly all countries were also reduced by the fund.