Over the medium term, China's growth is expected to gradually slow to 5.5% from 6.6% in 2018 with continued rebalancing from investment to consumption.
The Trump administration has maintained that Republican tax cuts passed last year would allow the United States to maintain sustained gross domestic product growth above 3 percent for years and defy forecasts that US budget deficits will balloon over the coming decade.
However, Obstfeld warned the stimulus was "largely temporary".
International Monetary Fund noted that said Saudi Arabia and some other oil exporters in the Middle East and sub-Saharan Africa have experienced recessions and/or substantial growth slowdowns in recent years as they started adjusting fiscal policy to the permanent loss of commodity revenues.
"Risks beyond the next several quarters clearly lean toward the downside", the report added.
Like other advanced economies, the United States will max out growth and return to a more sluggish pace, "held back by aging populations and lackluster productivity".
US President Donald Trump last month imposed steep tariffs on steel and aluminum imports and threatened to impose more on tens of billions of Chinese goods, prompting Beijing to slap duties on US goods like pork and sorghum and threaten even more sensitive US exports like soy.
"Our strong message at this meeting is there is a multilateral system".
International Monetary Fund chief Christine Lagarde last week warned governments to "steer clear of protectionism in all its forms", saying the trade frictions hurt poor consumers the most as costs increase, and that they also undermined a system that had broadened prosperity worldwide.
Beyond that horizon, it was more pessimistic, projecting that global growth will fade as central banks tighten monetary policy, the US fiscal stimulus subsides, and China's gradual slowdown continues. Investors have already endured stomach-churning swings this year as markets have wildly in response to the perceived likelihood of a trade conflict, especially resulting from actions and statements by the Trump administration. Trump has, in turn, ordered the USA trade representative to consider targeting up to an additional $100 billion in Chinese imports.
The rapid decline should "serve as a cautionary reminder that asset prices can correct rapidly and trigger potentially disruptive portfolio adjustments". That's in line with its most recent estimate in January.
India is expected to outpace China, registering 7.4 percent growth this year. But it will ease to 2.5 per cent in 2019.
India's economy grew by an estimated 6.7% in 2017 as per the World Bank's estimates (there are several counts, including one by India) and is forecast to grow by 7.3% in 2018, and 7.5% in both 2019 and 2020. Over the medium term, global growth is projected to decline to about 3.7% due to a shift toward inward-looking policies that harm worldwide trade and a potential further buildup of financial vulnerabilities that could give way to rapid tightening of global financial conditions, it warned.