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IMF raises world economic growth to 5.2 percent this year |
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07:59, July 26, 2007 |
The International Monetary Fund (IMF) on Wednesday revised upward its forecast for global growth in 2007 to 5.2 percent, compared to the 4.9 percent pace previously estimated, with projections for China, Germany, India and Russia marked up substantially.
It also expects world economy to expand 5.2 percent in 2008, 0. 3 percentage points higher than projected in April 2007.
"The global economy continued to expand at a brisk pace in the first half of 2007," said the IMF in a revision of its World Economic Outlook (WEO) published in April.
"Emerging market countries have led the way, with China growing by 11.5 percent in the first half of 2007, and India and Russia also growing very strongly," the IMF said.
For 2007, China is expected to see growth of 11.2 percent, 1.2 percentage points higher the forecast in April. India''s growth pace is put at 9.0 percent and Russia''s at 7.0 percent, both revised upward 0.6 percentage point.
The IMF forecasts the U.S. economy to grow at 2.0 percent pace this year, 0.2 percentage points lower than projected in April, and at a 2.8 percent pace next year, unchanged from its April prediction.
"Although growth in the United States slowed in the first quarter, recent indicators suggest that the economy regained momentum in the second quarter," the institution said, predicting a "return to potential by mid-2008."
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