Decisions by most countries to not retaliate against U.S. President Donald Trump ‘s tariffs are among the top factors bolstering the global economy’s resilience, IMF Managing Director Kristalina Georgieva said on Tuesday.

“The world, so far, and I cannot stress enough, so far, has opted not to retaliate and to continue to trade pretty much on the rules that have existed,” Georgieva said during an event at the IMF and World Bank annual meetings in Washington, noting that this avoided debilitating tariff escalation.

Earlier on Tuesday, the fund had edged up its 2025 global GDP growth forecast in its World Economic Outlook to 3.2% from a 3.0% forecast in July, but warned that a renewed U.S.-China trade war threatened by Trump could slow output significantly.

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