The International Monetary Fund has downgraded the global economic growth outlook for this year due to Russia's invasion of Ukraine.

The IMF projected in its latest outlook report on Tuesday that the global economy will grow 3.6 percent in 2022. This is down 0.8 points from its previous forecast in January.

Russia's invasion has accelerated surges in fuel and food prices. The IMF expects economic sanctions against Russia will also slow down trade among countries.

The IMF now projects Russia's GDP will fall by 8.5 percent, down 11.3 points from its previous estimate. It also forecasts Ukraine's economy to contract by 35 percent.

The IMF also revised downward the forecast for the euro area to 2.8 percent. It says Germany will be hit hard, downgrading its projection to 2.1 percent.

For Japan, the IMF forecasts a growth of 2.4 percent, down 0.9 points from the previous forecast, due to surging crude oil prices. Growth forecasts for the United States and China have also been lowered.

The IMF warns that the war dims the global economic outlook. It says increased global polarization impedes the cooperation essential for long-term prosperity.