“Our World Economic Outlook shows the global economy converging back to a rather weak trend rate of growth. Yes, the US economy still looks like it’s firing on all cylinders, but that is unlikely to last,” Georgieva said in a keynote address at the annual EU budget conference.
President Joe Biden and Treasury Secretary Janet Yellen last week paced themselves over the slowing US economy after GDP growth for the first quarter registered a surprising low of 1.6% year-on-year versus the Wall Street's forecast of 2.5%.
Coming in at less than half of the previous quarter's 3.4% annual growth and marking the slowest quarterly growth in nearly two years, the data reported by the Commerce Department seemed to validate fears that inflation was getting the better of growth again.