International Monetary Fund (IMF) Director Kristalina Georgieva stated that the global economic growth forecast would be lowered for next year.

In her speech at Georgetown University before the IMF-World Bank Annual Meetings, Georgieva evaluated the global economic outlook and policy priorities.

Pointing out that a fundamental shift is taking place in the global economy, Georgieva went from a world of international economic cooperation, low-interest rates, low inflation, and relative predictability to a more fragile world with more uncertainty, higher financial volatility, geopolitical conflicts, and more frequent and devastating climate disasters. He said that a world had passed.

Stating that high energy and food prices, tighter financial conditions, and ongoing supply shortages are curbing growth, Georgieva noted that the world’s largest economies are slowing down.