The director of the International Monetary Fund (IMF) said that she does not expect a global recession, but “this does not mean that we rule out this possibility.”

Speaking at the World Economic Forum in Davos, Switzerland, Kristalina Georgieva reminded the audience that the IMF has projected a 3.6 percent increase for 2022, which is “a long road to global recession.”

Georgieva said the global outlook was “more or less like the weather here in Davos – the horizon is darkening.”

She said it would be “a difficult year” and that one of the biggest problems was rising food prices, which was partly driven by the Russian occupation of Ukraine.

The IMF chief listed other challenges, including rising interest rates, inflation, a stronger dollar, an economic slowdown in China, the climate crisis and, most recently, cryptocurrencies.