Global policymakers have made remarkable progress in tackling inflation without inducing a recession, but some work remains to be done, International Monetary Fund Managing Director Kristalina Georgieva said in Davos.

"The head of the genie is in the bottle, most of the body of the genie is in the bottle, kind of getting stuck there, but the legs are kind-of hanging still out," Georgieva told the World Economic Forum when asked if the 'genie' of inflation had been defeated. "We need to push it all the way down."