IMF revises growth prospects for world economies

16:34, July 08, 2010      

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The International Monetary Fund ( IMF) published on Thursday an update of its World Economic Outlook report, revising GDP growth prospects for 2010 and 2011 in both advanced and emerging economies.

In the report, the IMF upgrades the world's GDP growth forecast for 2010 to 4.6 percent from an April projection of 4.2 percent, while the forecast for 2011 is unchanged at 4.3 percent.

The revised projection was "reflecting stronger activity during the first half of the year," said the IMF.

The world economy expanded at an annualized rate of over 5 percent during the first quarter of 2010, which is "better than expected in the April report" mostly due to robust growth in Asia.

The Washington-based organization said economic activity in Asia has been sustained by continued buoyancy in exports and strong private domestic demand and against this background, GDP growth forecasts for this region have been revised upward for 2010, from about 7 percent in the April projection to about 7.5 percent.

For 2011, Asia's GDP growth is expected to settle to a more moderate but also more sustainable rate of about 6.75 percent, the IMF said.

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