IMF raises global economic growth forecast

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IMF raises global economic growth forecast

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09 July,2010 04:36 pm

The International Monetary Fund (IMF) has raised its forecast for global growth this year, from 4.2% to 4.6%. It said the world economy grew strongly in the first part of this year, mainly thanks to robust growth in Asia. However, the UK was almost unique in having its 2010 growth forecast revised slightly down, while its 2011 forecast was cut by the IMF from 2.5% to 2.1%. The IMF also warned risks had increased and there had been a setback in progress towards financial stability. Developed economies have maintained a modest, but steady recovery in the year to date, the supranational agency said.