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.

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.

The head of the International Monetary Fund said Thursday that President Trump's tariffs will cause economies around the globe this year to experience higher inflation and slower growth — but not a recession.