The International Monetary Fund is warning of grim times ahead for the global economy. It has downgraded its growth forecast for next year, citing inflation and other factors.

The IMF released its latest World Economic Outlook on Tuesday. Chief Economist Pierre-Olivier Gourinchas said, "The worst is yet to come, and for many people, 2023 will feel like a recession."

The financial body has lowered its global growth projection for next year by 0.2 percentage points from the previous forecast in July to 2.7 percent.

It says this is due largely to Russia's invasion of Ukraine, and the rising cost of living on the back of prolonged inflation. It also cites China's economic slowdown.

For the United States, the IMF kept its forecast unchanged at 1 percent. But it says rapid interest-rate hikes by the Federal Reserve will cool the US economy, slowing next year's growth to less than this year's outlook of 1.6 percent.

For the eurozone, the IMF revised down its projection by 0.7 percentage points to half a percent. It says the war in Ukraine is pushing up energy prices and damaging people's lives, as well as economic activity.

For China, the IMF cut its forecast by 0.2 percentage points to 4.4 percent. It cites a rapid slowdown in the country's real-estate market, and the possible consequences for the global economy. The property sector accounts for about one-fifth of China's economic output.

As for Japan, the IMF lowered its projection by one-tenth of a percentage point to 1.6 percent. It says rising prices will curb consumer spending.