The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that she expects slowing growth from higher borrowing costs will make next year feel like a recession for millions of people, even if the global economy avoids a technical downturn. “Increased interest rates will bite and we will see the impact on growth,” Georgieva said in an interview with Bloomberg Television’s Francine Lacqua. “For hundreds of millions of people, it will feel like a recession, so buckle up,” she said. “Hopefully, if we get inflation under control, then we can see a foundation for growth and recovery.” Surging prices have forced central banks worldwide to tighten monetary policy, which is expected to cool inflation but risks tipping economies into recession. In the U.S., Federal Reserve officials pivoted to aggressively lifting rates to tame the fastest price increases in four decades.