The International Monetary Fund says regional growth gaps are widening around the world. It reports that weaker currencies are worsening the economies of low-income countries, with over half these nations either already in or on the brink of crisis.

The UN agency now forecasts the global economy to expand by 2.9 percent next year. That's down one-tenth of a percentage point from its previous projection in July.

It expects the US economy to grow 1-and-a-half percent in 2024 due to brisk consumer spending on the back of a robust labor market.

The IMF says the country is making the most powerful post-pandemic recovery among developed economies.

But in contrast the agency has cut its outlook for China. The latest projection is 4.2 percent for next year. It expects the country's real estate crisis to lead to a drop in investment.