The International Monetary Fund will "substantially" lower its global economic growth forecasts in its next report, Bloomberg reported.

Surging food and energy prices, slowing capital flows to emerging markets, the ongoing pandemic and a slowdown in China make it “much more challenging” for policymakers, Ceyla Pazarbasioglu, the IMF’s director for strategy, policy and review, said at a Sunday panel in Bali.

“It’s shock after shock which are really hitting the global economy.”

The IMF has already lowered its forecast for global growth this year to 3.6 percent from 4.4 percent before the war in Ukraine in its April report.