Georgieva said the world economy was being pulled in two opposing directions as geopolitical conflicts disrupted energy supplies while the AI investment boom generated stronger demand, increased electricity consumption and raised inflationary pressures.
The warning comes as oil prices remain elevated following prolonged disruption across Middle Eastern energy markets. Higher energy costs are putting pressure on households and businesses while complicating efforts by central banks to control inflation without weakening economic growth.
At the same time, governments are entering the period with historically high levels of public debt. Rising borrowing costs are increasing the expense of servicing government liabilities, limiting the fiscal space available to respond to new economic shocks.
Georgieva said the effects of the current combination of pressures would vary significantly between countries. Economies directly affected by war and energy disruptions are expected to face some of the largest downward revisions in the IMF's forthcoming growth forecasts.
The AI boom is creating a contrasting source of economic momentum. Heavy investment in semiconductors, data centres, computing infrastructure and electricity is supporting activity in several advanced economies and has contributed to strong financial-market valuations.
However, the benefits are not being distributed evenly. Many developing economies lack the capital, infrastructure and technological capacity required to participate fully in the expansion of AI-related industries.
The IMF has also warned that an abrupt reversal in AI investment could create wider financial consequences if highly valued technology companies fail to generate the earnings expected by investors.
For policymakers, the combination of energy inflation, high debt and rapid technological investment creates a complex environment in which monetary and fiscal decisions could have competing effects.
Georgieva urged governments to strengthen fiscal positions and maintain credible economic policies while preparing for potential shocks.
The IMF's forthcoming economic forecasts are expected to provide a clearer assessment of how the energy crisis, debt burdens and AI investment cycle are reshaping the global growth outlook.
