The trade war is rocking economies. Get your houses in order, IMF urges – National [Video]

As the International Monetary Fund (IMF) projects slower growth and higher inflation for some countries, the organization’s head has a stark warning to all countries: get your “houses in order.”

The warning by managing director Kristalina Georgieva comes as the IMF is set to release its World Economic Outlook next Tuesday, which she said will show that though there will be “notable markdowns” in growth, there won’t be a recession.

That doesn’t mean, however, that countries won’t face difficulties.

“All countries must redouble efforts to put their own houses in order,” she said in the text of her speech in the U.S on Thursday. “In a world of higher uncertainty and frequent shocks, there is no room for delay in reforms to enhance economic and financial stability and improve growth potential.”

The comments come three months into the second term of U.S. President Donald Trump, whose protectionist policies and widespread tariffs have rocked world markets and spurred concerns of a potential global recession.