The International Monetary Fund says the global economy is improving following the world's 2008 downturn, but that it is "much too weak for comfort."
Speaking Wedneday in Washington, IMF chief Christine Lagarde warned that the standoff between the West and Russia over Moscow's annexation of Ukraine's Crimean peninsula and other political crises could hinder economic growth.
She said the world's economic fortunes will only advance modestly if key global leaders fail to embrace policies to further job growth and better living standards across the globe.
"We could very well be facing years of slow and sub-par growth. Some have called it the new normal."
She said the world economy advanced 3 percent last year and predicted increased growth this year and next.
Lagarde spoke ahead of next week's World Bank and IMF meetings that will draw several hundred world economic leaders to Washington.