IMF raises global GDP growth projection for 2010 to 4.6%

14:46, July 08, 2010      

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The International Monetary Fund ( IMF) had lifted the world's GDP growth forecast for 2010 to 4.6 percent from an April projection of 4.2 percent, according to the latest world economic outlook released by the body on Thursday.

The revised projection was "reflecting stronger activity during the first half of the year. The forecast for 2011 is unchanged," said the IMF.

"The world economy expanded at an annualized rate of over 5 percent during the first quarter of 2010. This was better than expected in the April 2010 outlook, mostly due to robust growth in Asia," it said.

The Washington-based organization, however, said the new forecasts hinged on implementation of policies to rebuild confidence and stability, particularly in the euro area, since downside risks have risen sharply amid renewed financial turbulence in the last several months.

"Recent turbulence in financial markets -- reflecting a drop in confidence about fiscal sustainability, policy responses, and future growth prospects -- has cast a cloud over the outlook," according to the report.

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