WASHINGTON: The International Monetary Fund (IMF) has announced that the global fight against inflation is nearing a successful conclusion, with inflation rates significantly decreasing from their peak of 9.4 percent in the third quarter of 2022. The IMF's projections suggest that global headline inflation will drop to 3.5 percent by the end of 2025, a marked improvement from the forecasted 5.8 percent in 2024. However, the organization also warns of potential risks that could impede this progress. According to Ghana News Agency, Pierre-Olivier Gourinchas, the IMF Chief Economist, delivered these insights during the release of the World Economic Outlook at the IMF/World Bank Group Annual Meetings in Washington, D.C. Gourinchas highlighted that most countries are now experiencing inflation rates within their central banks' target ranges. The decline in global inflation is attributed to the resilience of the global economy, with growth projected to remain steady at 3.2 percent for both 2024 and 2025. Gourinch as explained that the reduction in inflation has been achieved without triggering a major recession, a significant accomplishment that can be largely credited to the resolution of supply and demand shocks. Additional factors include improvements in labor supply, partially driven by immigration in advanced countries, and effective monetary policies that have managed inflation expectations. Despite these positive developments, the IMF warns of persisting risks, including potential escalations in regional conflicts that could disrupt commodity markets. Changes in trade and industrial policies may also negatively impact economic output, potentially leading to tighter global financial conditions and jeopardizing the progress made. To address these challenges, Gourinchas recommended a "policy-triple-pivot," which involves a careful easing of monetary policy rates, stabilization of debt dynamics through fiscal policy, and the implementation of growth-enhancing reforms. He emphasized the importance of building trus t between governments and citizens, fostering corporate conversations, and enhancing international collaborations to maintain the momentum in reducing inflation and supporting economic growth.