In a validation of the emerging Asian power center, the IMF chief said that the world economy is expected to grow at less than 3 percent this year, with India and China expected to account for half of the global growth in 2023. International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military invasion of Ukraine would continue this year.

The period of slower global economic activity will be prolonged, with the next five years witnessing less than 3 percent growth, "our lowest medium-term growth forecast since 1990, and well below the average of 3.8 percent from the past two decades," she said.

"Some momentum comes from emerging economies - Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb," she explained.

"After a strong recovery in 2021 came the severe shock of Russia's war in Ukraine and its wide-ranging consequences - global growth in 2022 dropped by almost half, from 6.1 to 3.4 percent," Georgieva said.

Georgieva said slower growth would be a "severe blow," making it even harder for low-income nations to catch up. "Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis," she explained.

IMF Chief comments come ahead of next week's spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy's most pressing issues.

In a validation of the emerging Asian power center, the IMF chief said that the world economy is expected to grow at less than 3 percent this year, with India and China expected to account for half of the global growth in 2023. International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military invasion of Ukraine would continue this year.

The period of slower global economic activity will be prolonged, with the next five years witnessing less than 3 percent growth, "our lowest medium-term growth forecast since 1990, and well below the average of 3.8 percent from the past two decades," she said.

"Some momentum comes from emerging economies - Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb," she explained.

"After a strong recovery in 2021 came the severe shock of Russia's war in Ukraine and its wide-ranging consequences - global growth in 2022 dropped by almost half, from 6.1 to 3.4 percent," Georgieva said.

Georgieva said slower growth would be a "severe blow," making it even harder for low-income nations to catch up. "Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis," she explained.

IMF Chief comments come ahead of next week's spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy's most pressing issues.