WASHINGTON. The head of the International Monetary Fund said on Wednesday that the global economy is doing better than previously expected after facing a long period of uncertainty and the prospect of moderate economic growth.

International Monetary Fund Managing Director Kristalina Georgieva told a news conference in Washington that the global economy is “doing better than we feared, but worse than we need”. ’

The Fund now expects global growth to slow “only slightly” “this year and next” due to better-than-expected conditions among the United States and some other advanced, emerging market and developing countries, he added. ’

Georgieva’s comments came ahead of a gathering of finance ministers and central bank governors at the World Bank and IMF in Washington next week. The trade war is likely to dominate the annual meetings once again after U.S. President Donald Trump decided earlier this year to impose sweeping tariffs against many countries.

“All signs point to a global economy that is generally under intense stress from multiple shocks,” Georgieva said. “Improved policy bases, adaptability of the private sector, lower-than-expected taxes, and supportive fiscal conditions are the basis for positive economic indicators.

“The world has so far avoided a trade war,” he said. ’

The U.S. tax rate has dropped from 23 percent in April to 17.5 percent in April. He said that the US tax rate of about 10 percent is “very high” compared to the rest of the world.

The full impact of those tariffs “has yet to be revealed”, he said, adding that the resilience of the global economy “has not yet been fully tested”. ’