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Global growth to bottom out this year - IMF chief

STORY: Speaking at a World Economic Forum panel in Davos, Georgieva affirmed an IMF forecast for global growth to decelerate to 2.7% this year from around 3.2% last year.

"Since the beginning of the year, we do see some good news... We also expect in 2023 growth to bottom out, to start the process in which we go up rather than down," she said.

Georgieva said the three very significant challenges were the Russia-Ukraine war, the cost of living crisis and interest rates at a level unseen in decades. The world must manage the adjustment to more security of supply smartly, she added.

Speaking in the same event, Saudi Arabia's foreign minister said that oil price stability showed the kingdom was correct in its position during last year's row with the United States over the OPEC+ decision to reduce oil output targets.

Prince Faisal bin Farhan Al Saud said his country, the world's top oil exporter, has a responsibility to continue to provide that stability to oil markets and world economies and that Riyadh would have a robust dialogue with traditional ally Washington to continue to work through any issues.

He said Saudi Arabia was committed to the clean energy future but that there was a need to ensure reliability in traditional forms of energy at the same time.