Dr Chalmers will discuss the economic maelstrom with international counterparts at the IMF-World Bank Spring Meetings, as the federal opposition hit out at the government's budget following the economic body's report.
The treasurer said it was a "really dangerous time" for the global economy after the IMF's latest World Economic Outlook said the world was in for more financial pain without a speedy resolution to the conflict.
"The IMF is sounding the alarm on some pretty severe scenarios published overnight," Dr Chalmers told reporters in Brisbane before his departure on Wednesday.
"Australia is better placed and better prepared than a number of other countries. We won't be spared the fallout from this very substantial economic shock."
The treasurer will hold formal talks at the forum with UK Chancellor Rachel Reeves, as well as finance ministers from China, Japan, South Korea, Indonesia and Singapore, with a focus on fuel supply in the region.
The IMF revised its economic growth projections for Australia slightly down from January.
The national GDP growth rate is expected to come in at two per cent in 2026, down from 2.1 per cent, and 1.7 per cent for 2027, from 2.2 per cent.
Australia's inflation outlook was revised significantly higher, with consumer price growth of four per cent in 2026 exceeding most advanced economies, including the US, the UK and New Zealand.
The IMF had been preparing to revise its growth forecasts upwards before the war.
But the closure of the Strait of Hormuz and attacks on oil and gas facilities halted the positive momentum and raised the prospect of a major energy crisis should hostilities continue.
"From an economic point of view, the end of the war can't come soon enough," Dr Chalmers said.
"But even when the strait is properly reopened, and even when the hostilities formally end in an enduring way, we still expect the consequences of this war in the Middle East to be felt for some time."
Under a severe scenario, in which an extended conflict results in more damage to energy infrastructure, global growth would fall to two per cent in 2026 and perilously close to a global recession.
IMF chief economist Pierre-Olivier Gourinchas said governments should refrain from wasteful and untargeted fiscal measures such as energy caps or subsidies, designed to ease cost pressures for households and businesses.
"While such measures are popular, evidence suggests they are often both poorly designed and very costly for the public purse," he said.
"Moreover, avoiding fiscal stimulus at a time of rising inflation is another critical component so as not to complicate the task of central banks."
Opposition Leader Angus Taylor said the IMF report findings were concerning.
"It tells us what we already knew: inflation is out of control," he told reporters in Brisbane.
"Australians are hurting. We need a budget that is going to turn that situation around, that is not going to fuel inflation, but is going to bank the windfall."
Dr Chalmers said the upcoming federal budget would strike a balance between immediate pressures and meeting international obligations.
"I'm confident that this budget, which will be focused on fuel security, supply chain, resilience and economic reform, will balance those key considerations," he said.
Consumer spending data released by NAB on Wednesday showed a rise of 2.1 per cent for March, driven by a 33.5 per cent increase in money spent on fuel for the month.
Fuel spending growth was higher among older age groups, which NAB said may reflect a greater ability among the demographic to absorb the cost.
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