Advanced economies will be back on track by 2024, but developing economies will be 5% behind where they would have been otherwise, said the IMF's First Deputy Managing Director Gita Gopinath said.

The coronavirus pandemic has had a negative influence on economies all across the world, but they are slowly recovering. The war in Ukraine has been a serious setback to the global recovery, said Gita Gopinath.

"The global growth rate has been downgraded, and the world continues to confront headwinds due to cost of living crisis. Commodity prices, such as fuel and food, are rising all across the world "she said. Central banks are attempting to combat excessive inflation by hiking interest rates sharply, which is necessary, but this will have ramifications for global finance and commerce, she said.

She was addressing at a special session on 'What next for global growth?' during the World Economic Forum (WEF) Annual Meeting 2022. She said, the recovery rates vary greatly around the world.

"While advanced economies will essentially return to where they would have been in the absence of the pandemic in 2024," she said, "emerging and developing economies will be 5% below where they would have been in the absence of the pandemic."

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