The International Monetary Fund (IMF) raised its 2025 global growth forecast to 3.2%, up from 3% in July, citing stockpiling ahead of U.S. tariffs and efforts to maintain trade stability.

The Fund warned that tariff shocks, protectionism, geopolitical tensions, and fiscal vulnerabilities continue to pose risks. Growth for emerging and developing markets is expected at 4.2% and for developed economies at 1.6% this year.

The IMF also noted a U.S. slowdown, with weaker-than-expected employment and rising unemployment, and called for governments to ensure debt sustainability and reduce trade policy uncertainty.