IMF global economic forecast welcomes growth, warns of low inflation

• IMF member countries on Saturday welcomed a global upswing in economic activity but warned that low inflation and geopolitical risk mean recovery is incomplete.
• The IMFC noted an uptick in investment, trade and industrial production.

Member countries of the International Monetary Fund on Saturday welcomed the global upswing in economic activity but warned that the recovery was not yet complete given low inflation and geopolitical risks.

"The outlook is strengthening, with a notable pickup in investment, trade, and industrial production, together with rising confidence," the International Monetary and Financial Committee, the IMF's steering body, said in a communique.

"But the recovery is not yet complete, with inflation below target in most advanced economies, and potential growth remains weak in many countries," it said.

The communique reiterated the member countries' pledge to refrain from competitive currency devaluations.