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.

IMF Managing Director Kristalina Georgieva said on Thursday that economies were being tested by a reboot of the global trading system, sparked in recent months by U.S. tariffs and retaliation by China and the European Union,