Lowering the level of inflation is the key to better tackling the growth and development challenges faced worldwide, heads of international organizations said on Friday.

Kristalina Georgieva, managing director of International Monetary Fund, said that the three years of COVID-19 shocks have pushed the prices of food and energy up and now lead to the tightening of financial conditions. Currently, for most countries, reducing inflation is a priority.

She made the remarks while addressing the opening ceremony of the 19th International Finance Forum Annual Meeting via video.

"Global growth has been going down. We project it will be at 2.7 percent next year, but there is a 25 percent probability that growth may actually fall below 2 percent," she said, adding that at least one third of the world economy is expected to be in recession in 2023.

Georgieva said that in China, however, the overarching inflation has remained subdued, and that leaves room for accommodative monetary policy. At the same time, fiscal support to vulnerable households and strengthening social safety nets would promote consumption to reignite growth.

"Further calibrating the COVID strategy to mitigate its economic impact will be critical to sustain and balance the recovery," she added.

The 19th International Finance Forum Annual Meeting runs from Friday to Sunday in Guangzhou, Guangdong province. This year's meeting is co-organized by the International Finance Forum and the People's Government of Guangzhou.

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