Global growth is forecast to edge up to 3.2% in 2024, the International Monetary Fund (IMF) said, a slight upward revision from the 3.1% projected in January.
The IMF is forecasting growth of 3.2% in 2025.
The world economy has been buffeted by challenges in recent years, from pandemic-related supply-chain disruptions and soaring food and energy prices, to tight monetary policy aimed at curbing inflation.
The IMF noted that, in general, the fear of both prices and wages being pushed up at an uncontrolled pace - referred to by economists as a wage-price spiral - has not been seen.
Still, while the world has managed to avoid gloomy predictions of recession, growth is weak from a historical perspective. The IMF cites factors such as higher borrowing costs and the impact of Russia's invasion of Ukraine.
The US economy is projected to grow at a better-than-expected 2.7% this year while China's is expected to come in at 4.6%, after growing 5.2% last year.