IMF raises global growth forecast over broad-based recovery

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Washington, Oct 10 (IANS) The International Monetary Fund (IMF) on Tuesday raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the US.

In its latest World Economic Outlook, the IMF forecast that the global economy will grow by 3.6 per cent in 2017 and 3.7 per cent in 2018, both 0.1 percentage point higher than its previous forecast in July.

“The global recovery is continuing, and at a faster pace… we see an accelerating cyclical upswing boosting Europe, China, Japan, and the US, as well as emerging Asia,” IMF chief economist Maurice Obstfeld was quoted as saying by Xinhua news agency.

The IMF expects the Chinese economy to grow 6.8 per cent this year and 6.5 per cent next year, both 0.1 percentage point higher than its previous forecast in July.

The fund also revised upwards its US growth forecast to 2.2 per cent in 2017 and 2.3 per cent in 2018, 0.1 and 0.2 percentage point, respectively, higher than its projection in July.

–IANS

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