The International Monetary Fund (IMF) says the global economy is performing better than initially anticipated but that the coronavirus crisis is far from over.
In June, the IMF had forecast a contraction of 4.9 per cent in global gross domestic product this year.
However, IMF managing director Kristalina Georgieva said the second quarter downturn was "less severe" than expected, allowing for a "small upward revision" of the fund's growth forecasts, which are due to be presented next Tuesday.
This was due to unprecedented monetary policy actions, with governments providing $US12 trillion ($A17 trillion) in fiscal support, she said.
"The global economy is coming back from the depths of this crisis, but this calamity is far from over," Georgieva said in a speech.
"All countries are now facing what I would call 'the long ascent,' a difficult climb that will be long, uneven and uncertain, and prone to setbacks."
In June, the IMF had projected 2021 global growth at 5.4 per cent.
Georgieva urged the international community to cooperate on coronavirus vaccine development and distribution.
"Only by defeating the virus everywhere can we secure a full economic revival anywhere," she said.
The IMF chief's speech came ahead of next week's IMF and World Bank annual meetings, which are due to take place largely online.