Growth prospects for emerging and developing economies are marked up by 0.1 percentage point for both 2017 and 2018 relative to April, primarily owing to a stronger growth projection for China, the report said.
The International Monetary Fund (IMF) has raised growth forecasts for all advanced economies aside from the United Kingdom, after weaker-than-expected economic performance resulted in a downgrade earlier this year amid Brexit uncertainty. The upward revisions in its growth forecasts including for the euro area, Japan, China, emerging Europe, and Russian Federation more than offset downward revisions for the United States, the United Kingdom, and India.
The latest World Economic Outlook has upgraded its global growth projections to 3.6 per cent for this year and 3.7 per cent for next-in both cases 0.1 percentage point above our previous forecasts, and well above 2016's global growth rate of 3.2 per cent, which was the lowest since the global financial crisis. Even more pessimistically, the Centre for Economics and Business Research anticipates that the United Kingdom economy will grow by just 1.3 per cent in 2017, representing a substantial downward revision from an earlier forecast of 1.7 per cent.
On the plus side for India, the International Monetary Fund raised last year's growth rate by 0.3% to 7.1% from the 6.8% it had projected in April citing "strong government spending and data revisions".
The IMF forecast growth of 4 percent in 2017, slower than the government's forecast of 4.3 percent.
If Korea does reach an economic growth of 3 percent, it would be the first time since 2014.
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IMF's 6.7% growth rate projection is at the low end of the spectrum of estimates made by it and four other global organisations with the UN Department of Economic and Social Affairs (UNDESA) putting it at 7.3%.
In all, the growth of Mena oil exporters Iran, Iraq, Algeria and the six GCC states is forecast to end this year at 1.7 per cent from 5.6 per cent in 2016.
With UK growth projected at 1.7% this year, it will only surpass a handful of its peers, with Italy expected to grow 1.5%, France 1.6% and Japan 1.5%.
The country's 2017 forecast (6.8 percent, against 6.6 percent in April) reflects stronger growth outturns in the first half of 2017 as well as more buoyant external demand.
"In advanced economies, monetary policy settings should remain accommodative until there are firm signs of inflation returning to targets.(as) still-subdued wage pressures mostly reflect remaining slack, not fully captured by headline unemployment rates", the Fund said.
The IMF is also backing Germany's G20 initiative to improve conditions for private investments in African countries, dubbed Compact with Africa, the official said, adding that the number of participating African countries would rise to ten from seven.
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