New Delhi, Oct. 20 -- The words of novelist George R.R. Martin made an unlikely appearance in a recent speech delivered by International Monetary Fund (IMF) managing director Kristalina Georgieva: "Winter is coming."

This is the motto of the House of Stark in A Song of Ice and Fire novels written by Martin that were adapted for television later. It is also advice to get ready for hard times. Georgieva was thus sending a warning to prepare for a downturn.

Meanwhile, the organization she leads has released its latest estimates for economic growth in IMF member countries. It is a mixed bag. Global output is expected to grow by 3.1% in 2026, which is 0.4 percentage points lower than last year. Much of this is explained by slower growth in m...