Inflation will likely slow over the next two years, the International Monetary Fund (IMF) said in its world economic outlook report.
The report said: "Global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024."
The fund did not expect global GDP to shrink, and IMF Chief Economist Pierre-Olivier Gourinchas said: "We're well away from any sort of global recession marker."
Global economic growth is predicted to fall from 3.4% in 2022 to 2.9% in 2023, and then rise to 3.1% in 2024, the IMF said.
"The rise in central bank rates to fight inflation and Russia's war in Ukraine continue to weigh on economic activity," the report said.
"Global conditions have improved as inflation pressures started to abate," Gourinchas said. "The road back to a full recovery with sustainable growth, stable prices and progress for all has only started."
"Economic growth proved surprisingly resilient in the third quarter of last year, with strong labor markets, robust household consumption, and also business investment," said Gourinchas.
The IMF said that although the spread of Covid-19 in China dampened growth in 2022, "the recent reopening has paved the way for a faster-than-expected recovery."
The organization, however, noted that the world economy still faces serious risks, including Russia's war against Ukraine, potential future waves of Covid-19 in China and high interest rates globally.
The fund called for the strengthening of debt restructuring frameworks, suggesting it believes some countries are likely to at least struggle to service their debts without preventive measures.
It also appeared in its report to chide governments for trying to alleviate economic pressures with overly generalized measures that ran the risk of fueling inflation.
The report indicates that Russia's economy has proven more resilient to sanctions and other fallout from the war in Ukraine than expected. The IMF predicted growth of 0.3% in 2023, compared to a contraction of 2.2% the previous year.
The IMF predicted that Germany and Italy would avoid recessions this year, with European growth being "more resilient than expected" despite the effects of Moscow's invasion of Ukraine.
The fund predicted that the UK's economy will shrink by 0.6% in 2023, compared to the growth of 0.3% it had predicted in October.
