The head of the International Monetary Fund said the global economy showed resilience to an initial wave of trade disruptions, but she warned against complacency because financial markets and growth can sour quickly without prudent policies.

Speaking ahead of the IMF and World Bank’s annual meetings next week in Washington, Managing Director Kristalina Georgieva said that “all signs point to a world economy that has generally withstood acute strains from multiple shocks.”

Forecasts for recessions earlier this year haven’t proven true, she said, and global growth will slow slightly in 2025 and 2026. Many economies have performed “better than feared, but worse than we need,” she added.

“The world has avoided a tit-for-tat slide into trade war—so far,” Georgieva said in the text of a speec

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