The global economy is likely to avoid a recession despite the hit to growth from US President Donald Trump's tariff rollout, the head of the International Monetary Fund said Thursday.

The stop-start US tariff plans have fueled levels of market volatility unseen since the Covid-19 pandemic, and most economists expect the imposition of new import levies will stifle growth and push up inflation, at least in the short term.

Trade disruptions "incur costs," IMF Managing Director Kristalina Georgieva told reporters in Washington on Thursday, adding that the Fund now expects "notable" cuts to growth -- but no recession.

People live in a world of "sudden and sweeping shifts," she said, in a nod to the recent market volatility.

"It is a call to respond wisely," she added.

Her speech came ahead of next week's Spring Meetings -- a gathering of global financial leaders co-hosted by........

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