Progress in quelling inflation is more pronounced for advanced economies such as the U.S., while it will take longer for countries in the Middle East and Sub-Saharan Africa, which are still struggling with double-digit price increases, the International Monetary Fund's chief economist said on Tuesday.

Pierre-Olivier Gourinchas also told a news conference that risks of a U.S. recession are now diminished, as the U.S.' strong economic performance is being powered by improvements in productivity and labour supply due to an influx of immigrants.