The International Monetary Fund and the World Bank warned of the growing risk of a global recession as accelerating inflation forces central banks to raise interest rates, limiting economic growth, Bloomberg reported.

Higher borrowing costs are "starting to bite," IMF Managing Director Kristalina Georgieva said, speaking with World Bank President David Malpass.

The IMF estimates that about one-third of the world economy will contract for at least two consecutive quarters this year and next, and that output losses through 2026 will total $4 trillion.

At the same time, policymakers can't allow inflation to become a "runaway train," Georgieva said.

Malpass warned that there is a "real danger" of a global recession next year, and a strong dollar weakens developing-country currencies, increasing their debt to "burdensome" levels.