An ill wind continues to blow through the global economy according to Christine Lagarde, head of the International Monetary Fund.

She voiced a sombre appraisal of the world’s finances in an address to the Council of Foreign Relations in Washington:

“Despite the boost from oil prices and despite a stronger US growth, we see the global recovery continuing to face a very strong headwind. If you look at the overall map the United States is probably the only major economy that is likely to buck the trend this year, while growth remains very low in the euro area and Japan. Emerging economies that were, remember; the drivers for growth a couple of years ago are slowing down in relative terms granted, but they are slowing down.”

Next week sees the IMF’s latest world economic outlook published and ahead of the report she called on politicians to take “decisive action” and show “true global leadership.”