"Once the cyclical upswing and U.S. fiscal stimulus have run their course, prospects for advanced economies remain subdued, given their slow potential growth", the Washington-based lender said.
India is widely expected to be the next global growth juggernaut.
"Recent import restrictions announced by the United States, announced retaliatory actions by China, and potential retaliation by other countries raise concerns in this regard and threaten to damage global and domestic activity and sentiment", the International Monetary Fund said.
Mr. Trump's pulling out of the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership is unhealthy for the global economy, they said.
The comments represent the latest intervention from a community of multilateral institutions which have become deeply anxious about the prospects of a trade war in the coming years.
According to the IMF, India has made progress on structural reforms in the recent past, including through the implementation of the GST, which will help reduce internal barriers to trade, increase efficiency, and improve tax compliance.
While President Trump's tax cuts are expected to boost U.S. and global growth in the short term, the report warned that those effects will soon wear off as well.
Italy and Spain must cut their high public debt, the Fund said.
The IMF also revised the deficit of the current account of the country's balance of payment for 2018, to 3.7 percent of GDP from 3 percent of the GDP, and for 2019 - to 3.5 percent from 3 percent of GDP.
The world's second-biggest economy will continue re-balancing away from investment and manufacturing toward consumption and services, the International Monetary Fund said, warning that rising debt clouded the nation's medium-term outlook. The fund left its forecast for euro-zone growth next year unchanged, at 2 percent.
In Saudi Arabia, the biggest Arab economy which contracted 0.7 per cent past year, 2018 growth was revised up to 1.7 per cent, a 0.1 percentage point increase from the January projections.
The IMF, however, advised oil-dependent economies, including Nigeria, to intensify economic diversification as the global body foresees the crash of crude oil prices in the near future.
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