His warning came as the IMF's World Economic Outlook predicted the growth in 2018 and 2019 would be the strongest and broadest-based since 2010, when there was an initial sharp bounce back from the global recession of 2008-09.
Observing that the world growth strengthened in 2017 to 3.8 percent, with a notable rebound in global trade, International Monetary Fund said it was driven by an investment recovery in advanced economies, continued strong growth in emerging Asia, a notable upswing in emerging Europe, and signs of recovery in several commodity exporters.
Overall, the Irish economy expanded by about 7.8 per cent in 2017, which means that iPhone sales would have accounted for a quarter of that, or about 2 per cent of overall growth.
International Monetary Fund chief economist Maurice Obstfeld said global debt levels are very high, threatening repayment problems as central banks prepare to raise interest rates back to normal levels, at a time when many economies face lower medium-term growth rates.
The IMF raised its 2018 forecast of gross domestic product to 1.5% for 2018 and 1.7 for 2019, compared to previous forecasts of 0.9% and 1.6% respectively.
There are warnings about the risks ahead, lurking dangers that could lead to the global economy falling short of the IMF's forecasts, in addition to the concerns about trade.
The Asian Development Bank and the World Bank have projected the Indian economy to grow at 7.3% in 2018-19.
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"The growth rate in China is projected to soften down during this period", it said, adding that over the medium term, its economy is projected to continue re-balancing away from investment toward private consumption and from industry to services, but nonfinancial debt is expected to continue rising as a share of GDP, and the accumulation of vulnerabilities clouds the medium-term outlook.
Obstfeld said there was more of a "phoney war" between the United States and China than a return to the widespread use of tariffs in the Great Depression, but that there were signs that even the threat of protectionism was already harming growth.
It forecasts the Irish economy to grow at 4.5% this year and 4% next year.
"That major economies are flirting with trade war at a time of widespread economic expansion may seem paradoxical - especially when the expansion is so reliant on investment and trade", Obstfeld added.
The IMF official said that these trends are more due to technology change than to trade, and even in countries where trade backlash is not prominent, public skepticism about policymakers' ability to generate robust and inclusive growth has spread.
Governments should take advantage of the good times to make structural reforms and put in place tax policies that raise the potential output of their economies, Obstfeld said. "Fights over trade distract from this vital agenda, rather than advancing it", Obstfeld said.
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