IMF: Inflation a 'clear and present danger'
STORY: She added that, among the major threats to economic growth, the conflict in Ukraine could escalate: "You could have sanctions and counter sanctions."
Gopinath said in an interview on the sidelines of the World Economic Forum in the Swiss resort of Davos that the other challenges included a tightening of interest rates by central banks and a slowdown in Chinese growth.
"Financial conditions could tighten much more rapidly than we've already seen. And growth in China is slowing," she added.
The U.S. Federal Reserve is leading the charge among the largest central banks, with two rate hikes so far this year.
Its second, at half a percentage point, was the largest in 22 years. At least two more of that size are expected at coming meetings.
International Monetary Fund Managing Director Kristalina Georgieva also said on Monday said she does not expect a recession for the world's major economies but also cannot rule one out.
Asked at a panel at the World Economic Forum whether she expected a recession, Georgieva said: "No, not at this point. It doesn’t mean it is out of the question."
The global economic outlook has darkened in the month since the IMF downgraded its 2022 growth outlook because of the war in Ukraine, China's slowdown and global price shocks, particularly for food, she said.
"In a short period of time...the horizon has darkened."
