IMF chief warns of low growth and debt

The head of the International Monetary Fund (IMF), Kristalina Georgieva, has presented a gloomy forecast for the global economy ahead of the organization's annual meeting next week.

There is low growth coupled with high debt, the IMF chief said in Washington on Thursday. She was not expecting any "celebrations" next week, even though the "great wave" of inflation is retreating and the world economy has not slid into a recession.

Although the rate of inflation is falling, prices remain high, Georgieva said. At the same time, she highlighted concerns about the escalating conflict in the Middle East and its potential to destabilize the economies of the region and global oil and gas markets.

In July, the IMF predicted that the global economy would grow by 3.2% this year, with a forecast of 3.3% for 2025.

The IMF and the World Bank are due to kick off their annual meeting on Monday, bringing together finance ministers, representatives from the financial and development sectors, and central bankers.

On Tuesday, the IMF is due to publish its new economic outlook for the global economy.