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African countries should promote “business-friendly reforms” and continue with efforts to build up the Continental Free Trade Area which, she said, could lift their real GDP per capita by “over 10 percent.”

“Gains from this region can be especially large,” she said.

Georgieva reserved her harshest criticism for Europe, which has struggled with economic growth in recent years, in marked contrast to the United States.

To raise competition in the bloc, Georgieva called on the European Union to appoint a new “single market czar” to drive reforms, a move that would simplify the EU’s structure and consolidate the power to make the changes required.

These changes include steps to deepen EU single market integration in financial services and energy.

“Catch up with the private sector dynamism of the US,” she said, adding that Europe must “recognize that there will be some sacrifices on the way.”

For the world’s largest economy, Georgieva urged the Trump administration to address the country’s federal deficit and to take steps to incentivize household savings.

And for China, the world’s second-largest economy, Georgieva reiterated the IMF’s ongoing calls for fiscal reforms to boost private consumption and reduce dependence on industrial policy to drive growth.