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IMF increases growth forecasts for global economy

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by Kay Mitchell

The International Monetary Fund (IMF) has raised its forecast for the global economy in its latest World Economic Outlook report.

The IMF believes the global economy will grow by 3.9% in 2010, up from the 3.1% forecast it published late last year.

The increase in its projection comes as it emerged that the UK exited recession in the fourth quarter by experiencing growth of 0.1% - however, the figure disappointed economists who had expected growth of 0.4%.

In the meantime, the IMF expects the world’s biggest economy, the US, to grow 2.7% this year - a sharp increase from its previous estimate of 1.5%.

Earlier this month, the IMF warned that the global recovery “remains very fragile“. It said China and developing Asian economies are leading the way in the global economic recovery but warned all major economies of an early withdrawal from stimulus packages.

In its report today, the IMF said: “The global recovery is off to a stronger start than anticipated earlier but is proceeding at different speeds in the various regions.”

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News posted: January 26, 2010

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