In this image taken from video, Managing Director Kristalina Georgieva of the International Monetary Fund speaks at the opening ceremony of the Boao Forum for Asia in Boao in southern China's Hainan province, March 30, 2023. (PHOTO / AP)

NEW YORK - Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on Thursday said the world economy is expected to grow less than 3 percent this year, with India and China projected to account for half of global growth in 2023.

The IMF will release more details about its growth outlook when it publishes its updated World Economic Outlook next week

"Growth remains weak by historical comparison, both in the near and medium term," Georgieva said in a speech in Washington, DC, ahead of the IMF-World Bank spring meetings next week.

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The IMF chief said some momentum comes from emerging economies, with Asia a bright spot.

"India and China are expected to account for half of global growth in 2023. But others face a steeper climb," she said.

The IMF sees economic activity in the United States and the Euro Area slowing, where higher interest rates weigh on demand.

About 90 percent of advanced economies are projected to see a decline in their growth rate this year, Georgieva said.

"With rising geopolitical tensions and still-high inflation, a robust recovery remains elusive," she warned.

The IMF projects global growth to remain around 3 percent over the next five years, the lowest medium-term growth forecast since 1990 and well below the average of 3.8 percent from the past two decades.

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"This makes it even harder to reduce poverty, heal the economic scars of the Covid crisis and provide new and better opportunities for all," Georgieva said.

The IMF will release more details about its growth outlook when it publishes its updated World Economic Outlook next week.