The new year is going to be "tougher than the year we leave behind," IMF Managing Director Kristalina Georgieva

Because the three big economies - the U.S., EU and China - are all slowing down simultaneously,"

White Frame Corner
White Frame Corner

"For the first time in 40 years, China's growth in 2022 is likely to be at or below global growth," Georgieva said.

a "bushfire" of expected COVID infections there in the months ahead are likely to further hit its economy.

"For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative.

The impact on the region will be negative, the impact on global growth will be negative," she said.

The "U.S. is most resilient," she said, and it "may avoid recession. We see the labor market remaining quite strong."

Indeed, the U.S. job market will be a central focus for Fed officials.

Indeed, the U.S. job market will be a central focus for Fed officials.