Rising trade tensions and sweeping shifts in the global trading system will trigger downward revisions of the International Monetary Fund's economic forecasts but no global recession is expected, IMF Managing Director Kristalina Georgieva said on Thursday.

Managing Director Kristalina Georgieva said global trade uncertainty is “literally off the charts,” citing rising protectionism and escalating tariff tensions driven by U.S. President Donald Trump’s trade agenda.

Surging U.S. tariffs will weaken the global economy and push up inflation this year, according to projections to be released next week by the International Monetary Fund.