However, IMF official also said the two biggest debt contributors—the U.S. and China—have enough fiscal room and tools to deal with it for now. The question, of course, is if

Emerging market powerhouses India and Brazil also stood out on the upside of the IMF forecasts, while it dialed back growth expectations for China for this year and left next year's forecast for the world's No.

The International Monetary Fund lowered its global growth forecast for next year and warned of accelerating risks from wars to trade protectionism, even as it credited central banks for taming inflation without sending nations into recession.