Cigarette maker Philip Morris International says it's seeing signs of recovery in the global economy.

The seller of Marlboro and other brands overseas told shareholders told at its annual meeting in New York on Wednesday that economic recovery is under way in a wide range of markets. And CEO Louis Camilleri said smokers are adjusting to the higher prices of its premium brands.

But Camilleri said taxes and stringent tobacco regulation remain challenges for future growth.

Camilleri said the company supports regulation based on reducing harm but has opposed moves in some countries to require plain packaging and ban retail displays.

He said higher taxes and certain restrictions spur illicit trade and hurt both the company and governments.