The world economic recovery has slowed significantly due to Russia's military actions in Ukraine, IMF Managing Director Kristalina Georgieva said at the ASEAN Summit.

After a strong economic growth rate of more than 6% in 2021, the recovery is now slowing significantly, and global growth is expected to be around 3% in the medium term. 

"This is the lowest level of growth in a decade in the context of inflation where interest rates are expected to be higher for longer and in the context of growing fragmentation risks," Georgieva said.

She also noted that the global economy has demonstrated resilience to various negative events, such as the pandemic, wars, climate crises, and cost of living crises, and continues to recover from these shocks. 

"Of the major economies, only the US has fully recovered. The eurozone is still about 2% below trend, while China and other emerging market countries are about 5% below trend, and low-income countries have been hit even harder," Georgieva emphasized.