It is projected to slow further next year, with growth of just 1.0 per cent.

The US central bank has been raising interest rates aggressively to tamp down red-hot inflation, which is slowing economic activity.

Another increase is expected Wednesday at the conclusion of the Federal Reserve's two-day policy meeting, with more to follow in coming months.

Gourinchas said that while the US labor market is strong now, with very low 3.6 per cent unemployment, the IMF expects that "as this monetary policy tightening continues, then that's going to gradually cool off also the labour market" causing joblessness to rise.

Current forecasts call for a slowing but not a downturn, but there are "signs of an economy that is slowing down," Gourinchas told reporters.

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