The nasty few weeks in financial markets that kicked off 2016 could be the new normal, said Zhu Min, deputy managing director of the International Monetary Fund. Volatility is not going away anytime soon, even if we're not in a global recession, he added.
"Obviously the market is very fragile," Min told CNBC's "Worldwide Exchange" on Friday in an interview from the World Economic Forum in Davos, Switzerland. "I think the market is in a correction move."
Last year, the IMF recorded the most market volatility since 1929. But wild swings, he said, do not point to a global recession. "I do think it will have impact on growth, but not as a meltdown, not across-asset situation."