Maurice Obstfeld, IMF Economic Counsellor and Director of Research, said while the global recovery is continuing at a faster pace, the picture is very different from early past year, when the world economy faced faltering growth and financial market turbulence.
In its latest World Economic Outlook - the global forecast and survey the Washington-based organization publishes and updates periodically - the International Monetary Fund upgraded its global economic growth forecast for 2017 by 0.1 percent to 3.6 percent.
"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research. Last month, in its medium-term program Turkey said it expected economic growth of 5.5 percent in 2017 with inflation at 9.5 percent. Forecasts for eurozone, Japan, China, emerging markets and Russian Federation were all revised upwards.
The IMF upgraded its global economic growth forecast for 2017 by 0.1 percentage point to 3.6% and to 3.7% for 2018, driven by a pickup in trade, investment and consumer confidence.
The IMF said for 2017, most of its upgrade owes to brighter prospects for the advanced economies, whereas for 2018's positive revision, emerging market and developing economies play a relatively bigger role.
The IMF lowered India's forecast growth to 6.7 per cent from the 7.2 per cent predicted in July.
India's growth rate in 2016 was 7.1 per cent, which saw an upward revision of 0.3 percentage points from its April report.
The IMF raised its growth forecast for China but again warned of risks stemming from the build-up of debt in the world's second largest economy.
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The World Bank's growth projection made in June was 7.2 percent for this year and 7.5 percent next year.
The Fund had already cut its 2017 forecast by 0.3 percentage points in July from April and left its latest forecast unchanged.
Strong global demand has also been a boon for the rest of Asia, where the fund forecasts sustained growth. The IMF didn't alter its forecasts for the United Kingdom, keeping expected GDP growth at 1.7% and 1.5% for this year and next, respectively.
China has been projected to grow at 6.8 percent during the current year.
At the same time, a premature exit by the European Central Bank from its easy monetary-policy stance could derail growth in many European countries.
Such a performance would mean the economy falling behind its biggest rivals in growth terms after being the second-fastest in the G7 a year ago despite the Brexit vote.
The IMF's forecast for the United Kingdom is the same as in its July report.