The head of the International Monetary Fund(IMF) reportedly said on Thursday that the organization will downgrade its global growth forecasts for this year and the next in the wake of Russia's invasion of Ukraine.

According to Reuters and other foreign media, IMF Managing Director Kristalina Georgieva revealed the intended adjustments in a speech at the Carnegie Endowment for International Peace in Washington.

The IMF chief said that in the spring meetings of the IMF and World Bank next week, the IMF will cut its forecasts for 143 countries around the world, representing 86 percent of global gross domestic product.

Georgieva said that Russia's invasion of Ukraine sent shockwaves throughout the global economy, stunting recovery in nations crippled by the COVID-19 pandemic.

She said the world faced a clear and present danger from high inflation for the first time in many years.