The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has warned of a slowdown in economic activity in the United States and the euro area, attributed to higher interest rates. She also projected that around 90% of developed countries will face a decline in their economic growth.

Georgieva stated, "Economic activity is slowing in the US and the eurozone, where higher interest rates are weighing on demand. Around 90% of advanced economies are expected to see their growth slow this year."

The IMF's warning comes amidst efforts by many countries to recover from the economic impact of the COVID-19 pandemic. The organization has not specified the exact reasons for the higher interest rates in the US and the euro area.