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Financial News: IMF Raises Global Growth Forecasts, But Says Recovery

IMF Raises Global Growth Forecasts, But Says Recovery Incomplete

10/10/2017 - 10:06:00 (RTTNews)

(RTTNews) - Global economic upswing has strengthened and is broad-based, yet it remains incomplete, the International Monetary Fund said Tuesday, as it raised the growth projections for the world economy for this year and next.

The growth forecast for this year was raised to 3.6 percent from 3.5 percent and the outlook for next year was lifted to 3.7 percent from 3.6 percent.

These are stronger than the 3.2 percent expansion in 2016, which was the weakest since the global financial crisis.

That said, the recovery is incomplete, the IMF said, citing low wage growth, challenges faced by commodity exporters, subdued trends of productivity and demographics.

The lender also urged policymakers to seize the window of opportunity available now while the good times last.

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