The International Monetary Fund on Tuesday raised global growth forecasts for this year, including those for several leading economies, saying that economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade.
The world economy is set to grow 3.5 percent this year after 3.1 percent expansion in 2016, the Washington-based lender said in its latest World Economic Outlook report. The forecast was raised from 3.4 percent predicted in October. The projection for next year was left unchanged at 3.6 percent.
The growth forecast for the U.S. for this year was raised to 2.3 percent from 2.2 percent and that for the euro area was increased to 1.7 percent from 1.5 percent.
Meanwhile, the U.K. growth projection for this year was sharply lifted to 2 percent from 1.1 percent.
The growth forecast for China for this year was increased to 6.6 percent from 6.2 percent.
In contrast, India's growth forecast for the fiscal year 2017 was reduced to 7.2 percent from 7.6 percent.
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