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IMF Raises Global Growth Forecast

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WASHINGTON, Oct. 10, 2017 (Xinhua) --Maurice Obstfeld, chief economist at the International Monetary Fund (IMF), attends a press briefing at the IMF headquarters in Washington D.C., the United States, on Oct. 10, 2017. The IMF on Tuesday raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the United States. (Xinhua/Yin Bogu/IANS) by .
Maurice Obstfeld, chief economist at the International Monetary Fund (IMF) (Xinhua/Yin Bogu/IANS)

The International Monetary Fund (IMF) raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the US….reports Asian Lite News

WASHINGTON, Oct. 10, 2017 (Xinhua) --Maurice Obstfeld, chief economist at the International Monetary Fund (IMF), attends a press briefing at the IMF headquarters in Washington D.C., the United States, on Oct. 10, 2017. The IMF on Tuesday raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the United States. (Xinhua/Yin Bogu/IANS) by .
Maurice Obstfeld, chief economist at the International Monetary Fund (IMF) (Xinhua/Yin Bogu/IANS)

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.