The International Monetary Fund has slightly upgraded its forecast for the global economy in 2024. But it also says that rising prices present lingering risks.

The IMF expects global Gross Domestic Product to grow 3.2 percent this year, which is up a tenth of a point from the previous forecast in January.

The US economy is expected to expand 2.7 percent, 0.6 points higher than before.

The IMF also warns that the war in Ukraine and growing tensions in the Middle East could lead to a further rise in prices. It also says that high interest rates to tamp down inflation present another risk.

The IMF left its forecast for China unchanged at 4.6 percent.

It says that growth in the country could falter without a comprehensive response to the troubled property sector.

Japan's growth projection was also held steady at 0.9 percent. The figure is a slowdown from the previous year's 1.9 percent growth.

The IMF cites fading one-off factors that supported the country's economy last year, including a surge in inbound tourism.

The International Monetary Fund also raised its growth forecast for Russia by 0.6 points to 3.2 percent.
Wages in the country are rising amid a tight labor market, and private consumption has been strong.