The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16). Meanwhile, India, according to the WEO report, is expected to grow at&nbsp;6.8 per cent in 2024.&nbsp;

<h2>About the global growth estimates</h2>

The IMF has predicted that the global economy is set for another year of slow but steady growth, with a real GDP growth of 3.2 per cent for 2024 and 2025. “We find that the global economy remains quite resilient,” IMF’s chief economist, Pierre-Olivier Gourinchas told reporters.&nbsp;

He has attributed this resilience to several countries defying the gloomy predictions of recession as central banks hiked interest rates in a bid to combat inflation.&nbsp;

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The United States-based organisation also noted that several countries are showing less “scarring” after the COVID-19 pandemic and the cost-of-living-crises and reached pre-pandemic level of output quicker than previously predicted.&nbsp;

However, the IMF has also warned about high borrowing costs and the withdrawal of fiscal support which could affect short-term growth. Additionally, the medium-term outlook has remained the weakest in decades due to low productivity and global trade tensions.&nbsp;

<h2>US and other countries</h2>

The global outlook has been raised by 0.1 per cent from the previous estimate in January with the United States being a major driver of growth this year. However, the lingering high inflation could pose a risk to this forecast, according to the report.&nbsp;

The growth predicted for the US economy was raised to 2.7 per cent in 2024, which is 0.6 per cent higher than the previous forecast. This rise has been attributed to stronger-than-expected employment and consumer spending at the end of 2023.&nbsp;

Gourinchas, in the foreword of the report, said that the US has surged past its pre-pandemic growth trend.&nbsp;

Meanwhile, things are not looking good for the eurozone as its growth forecast was lowered from 0.9 per cent to 0.8 per cent, due to weak consumer sentiment in France and Germany, said the IMF report.&nbsp;

Surprisingly, Russia’s 2024 growth forecast was increased to 3.2 per cent from its previous prediction of 2.6 per cent. The growth has partly been attributed to strong oil export revenues and high consumer spending.&nbsp;

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The growth predicted for China remained unchanged at 4.6 per cent for 2024, lower than its 5.2 per cent&nbsp;last year. IMF&nbsp;also warned that the lack of action for the country’s troubled property sector could prolong a downturn and worsen Beijing’s outlook.&nbsp;

<h2>India’s growth forecast raised</h2>

The IMF raised the growth forecast for India to 6.8 per cent for 2024 which is up from the 6.5 per cent it had predicted in its previous update published in January.&nbsp;

However, the growth outlook for 2025 (FY26) remained unchanged at 6.5 per cent in both reports.&nbsp;

“Growth in India is projected to remain strong at 6.8 per cent in 2024 (FY25) and 6.5 per cent in 2025 (FY26), with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” said the IMF in its report.&nbsp;

(With inputs from agencies) 
&nbsp;

The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16).

The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16). Meanwhile, India, according to the WEO report, is expected to grow at 6.8 per cent in 2024. About the global growth estimates The IMF has predicted that the global economy is set for another year of slow but steady growth, with a real GDP growth of 3.2 per cent for 2024 and 2025. “We find that the global economy remains quite resilient,” IMF’s chief economist, Pierre-Olivier Gourinchas told reporters. He has attributed this resilience to several countries defying the gloomy predictions of recession as central banks hiked interest rates in a bid to combat inflation. Also Read | ‘Will use weapons never used before’: Iran issues threat as Israel mulls over retaliation The United States-based organisation also noted that several countries are showing less “scarring” after the COVID-19 pandemic and the cost-of-living-crises and reached pre-pandemic level of output quicker than previously predicted. However, the IMF has also warned about high borrowing costs and the withdrawal of fiscal support which could affect short-term growth. Additionally, the medium-term outlook has remained the weakest in decades due to low productivity and global trade tensions. US and other countries The global outlook has been raised by 0.1 per cent from the previous estimate in January with the United States being a major driver of growth this year. However, the lingering high inflation could pose a risk to this forecast, according to the report. The growth predicted for the US economy was raised to 2.7 per cent in 2024, which is 0.6 per cent higher than the previous forecast. This rise has been attributed to stronger-than-expected employment and consumer spending at the end of 2023. Gourinchas, in the foreword of the report, said that the US has surged past its pre-pandemic growth trend. Meanwhile, things are not looking good for the eurozone as its growth forecast was lowered from 0.9 per cent to 0.8 per cent, due to weak consumer sentiment in France and Germany, said the IMF report. Surprisingly, Russia’s 2024 growth forecast was increased to 3.2 per cent from its previous prediction of 2.6 per cent. The growth has partly been attributed to strong oil export revenues and high consumer spending. Also Read | Tesla to lay off around 14,000 employees globally as sales decline The growth predicted for China remained unchanged at 4.6 per cent for 2024, lower than its 5.2 per cent last year. IMF also warned that the lack of action for the country’s troubled property sector could prolong a downturn and worsen Beijing’s outlook. India’s growth forecast raised The IMF raised the growth forecast for India to 6.8 per cent for 2024 which is up from the 6.5 per cent it had predicted in its previous update published in January. However, the growth outlook for 2025 (FY26) remained unchanged at 6.5 per cent in both reports. “Growth in India is projected to remain strong at 6.8 per cent in 2024 (FY25) and 6.5 per cent in 2025 (FY26), with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” said the IMF in its report. (With inputs from agencies)

IMF raises global growth forecast for 2024; India expected to grow 6.8% in FY25

The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year.&nbsp;

<h2>IMF about the growth forecast</h2>

In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies.&nbsp;

The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview.&nbsp;

“What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters.&nbsp;

The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany.

<h2>Lower inflation</h2>

According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024.&nbsp;

Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end.

However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes.

The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels.&nbsp;

<h2>‘Broadly stable’ outlook for EMDEs</h2>

In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies.&nbsp;

The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024.&nbsp;

<h2>What about India?</h2>

India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.”

(With inputs from agencies)&nbsp; 
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The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023.

The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year. IMF about the growth forecast In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies. The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview. “What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters. The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany. Lower inflation According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024. Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end. However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes. The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels. ‘Broadly stable’ outlook for EMDEs In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies. The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024. What about India? India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF raises 2023 global economic growth forecast to 3 per cent; India remains bright spot

The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023. Compared to it, just a tenth of it will be coming from the combined might of the US, the world`s largest economy, and Europe, which comprises some of the largest economies.

"India remains a bright spot," IMF chief economist Pierre-Olivier Gourinchas&nbsp;wrote in a blog accompanying the World Economic Outlook update, a quarterly report.

"Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined."

Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending March 31 to five percent the next fiscal, and then drop further to four per cent in 2024.

The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast.&nbsp;

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Meanwhile, global growth is set to be higher than expected this year, as the IMF raised its forecast on surprisingly strong consumption and investment. With China lifting zero-Covid restrictions, the economy is expected to get another boost.

The global economy is still projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.

But "adverse risks have moderated" since last October's forecast, the IMF said in the report.

"The year ahead will still be challenging... but it could well represent a turning point with growth bottoming out and inflation declining," Gourinchas&nbsp;told reporters.

The report further sees Germany and Italy avoiding recessions this year, shifting from earlier predictions. Notably, European growth proved "more resilient than expected" despite the ongoing war in Ukraine.

Britain was the only major advanced economy the IMF predicted to be in recession this year, with a 0.6 per cent fall in GDP. People are struggling with rising living costs, including for energy and mortgages in the country.

The IMF also revised China's growth outlook sharply higher for 2023, to 5.2 per cent from 4.4 per cent in the October forecast after the country dropped its "zero-COVID" lockdown policies in 2022. The zero Covid policy slashed gravely affected China's growth rate, bringing it to 3.0 per cent - a pace below the global average for the first time in more than 40 years.&nbsp;

The body added that China's growth will "fall to 4.5 per cent in 2024 before settling at below four per cent over the medium term amid declining business dynamism and slow progress on structural reforms."

(With inputs from agencies)

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The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023.

The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023. Compared to it, just a tenth of it will be coming from the combined might of the US, the world`s largest economy, and Europe, which comprises some of the largest economies. "India remains a bright spot," IMF chief economist Pierre-Olivier Gourinchas wrote in a blog accompanying the World Economic Outlook update, a quarterly report. "Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined." Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending March 31 to five percent the next fiscal, and then drop further to four per cent in 2024. The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast. Also Read | IMF praises direct cash transfer and other government schemes Meanwhile, global growth is set to be higher than expected this year, as the IMF raised its forecast on surprisingly strong consumption and investment. With China lifting zero-Covid restrictions, the economy is expected to get another boost. The global economy is still projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. But "adverse risks have moderated" since last October's forecast, the IMF said in the report. "The year ahead will still be challenging... but it could well represent a turning point with growth bottoming out and inflation declining," Gourinchas told reporters. The report further sees Germany and Italy avoiding recessions this year, shifting from earlier predictions. Notably, European growth proved "more resilient than expected" despite the ongoing war in Ukraine. Britain was the only major advanced economy the IMF predicted to be in recession this year, with a 0.6 per cent fall in GDP. People are struggling with rising living costs, including for energy and mortgages in the country. The IMF also revised China's growth outlook sharply higher for 2023, to 5.2 per cent from 4.4 per cent in the October forecast after the country dropped its "zero-COVID" lockdown policies in 2022. The zero Covid policy slashed gravely affected China's growth rate, bringing it to 3.0 per cent - a pace below the global average for the first time in more than 40 years. The body added that China's growth will "fall to 4.5 per cent in 2024 before settling at below four per cent over the medium term amid declining business dynamism and slow progress on structural reforms." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF lifts 2023 growth forecast in World Economic Outlook report; India remains 'a bright spot'

The International Monetary Fund said on Sunday that the global economic outlook is even gloomier than projected last month. It cited a steady worsening in purchasing manager surveys in recent months

WION Business News | Global economic outlook getting `gloomier`, says IMF

The world's economic output will exceed $100 trillion for the first time in the year 2022. A London based think tank CEBR has predicted China will become world's top economy in dollar terms by the year 2030.

The world's economic output will exceed $100 Trillion dollars in the year 2022

IMF Chief Economist Gita Gopinath has predicted a deep global recession. The IMF has recommended that countries with high debt should tax the rich. Palki Sharma Upadhyay tells you what's driving IMF's recommendations.

Gravitas: Why IMF wants countries to tax the rich

IMF has said that India's gross domestic product (GDP) is expected to contract by 10.3% due to the impact of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic.

IMF's biannual world economic outlook: India's GDP to contract

After taking a hit in the first two quarters due to the COVID-19 outbreak, China's economy is expected to see a recovery this year, an International Monetary Fund (IMF) official has said. 
 
<a href="https://www.wionews.com/world/china-contributes-25-to-global-emissions-says-un-334993">Also read | China contributes 25% to global emissions, says UN</a> 
 
According to IMF report, China's economy is expected to grow 1.9 percent this year, almost twice as much as previously forecast. IMF tagged the superpower as the only major nation likely to expand in the face of the coronavirus.

However, it warned that with other countries and crucial markets still struggling to overcome the pandemic, the road ahead remained bumpy, while a standoff with the US on various issues posed a threat to the global recovery.

In an update to its World Economic Outlook on Tuesday, the IMF said it now sees annual growth of 1.9 percent, compared with its earlier prediction of one percent in June.

China's exports have "recovered from deep declines earlier in the year, supported by an earlier restart of activity", the IMF report said.

A "strong pickup in external demand for medical equipment and for equipment to support the shift to remote working", also boosted exports.

Chinese customs authorities on Tuesday said exports jumped 9.9 percent on-year in September, initially spurred by worldwide demand for Made-In-China personal protective equipment but now widening to household appliances and plastics.&nbsp;

China is the only major economy with a positive growth forecast for this year, according to the Fund.

"While recovery in China has been faster than expected, the global economy's long ascent back to pre-pandemic levels of activity remains prone to setbacks," the IMF said.

The body warned that the world faced a "long, hard, dire" path to post-pandemic recovery and slashed its annual forecasts further, predicting the global economy would shrink 5.2 percent, compared with a 4.9 percent contraction predicted in June.

The prolonged US-China trade war that has tipped into a bitter battle for global tech supremacy also threatened to undermine global recovery, IMF said.

As part of a partial trade truce signed in January, Beijing promised to import an additional $200 billion in American products over two years, ranging from cars to machinery and oil to farm products.

But the pandemic has put pressure on the agreement and China's purchases of those goods has been lagging.

The IMF warned that "tensions between the world’s two largest economies remain elevated on numerous fronts" as Beijing and Washington also lock horns over China's treatment of ethnic minorities in Xinjiang and Beijing's security clampdown in Hong Kong.

China is still battling localised coronavirus outbreaks, but has largely curbed its spread, allowing most businesses including cinemas and hotels to reopen and domestic tourists to travel.

The IMF expects the Chinese government to continue with its infrastructure spending to bolster growth through 2021.

But it warned against investments in "dirty sectors" including coal, cement and steel that have led to an increase in China's carbon emissions that previously peaked in 2013.

(With inputs from agencies)

After taking a hit in the first two quarters due to the COVID-19 outbreak, China's economy is expected to see a recovery this year, an International Monetary Fund (IMF) official has said.

After taking a hit in the first two quarters due to the COVID-19 outbreak, China's economy is expected to see a recovery this year, an International Monetary Fund (IMF) official has said. Also read | China contributes 25% to global emissions, says UN According to IMF report, China's economy is expected to grow 1.9 percent this year, almost twice as much as previously forecast. IMF tagged the superpower as the only major nation likely to expand in the face of the coronavirus. However, it warned that with other countries and crucial markets still struggling to overcome the pandemic, the road ahead remained bumpy, while a standoff with the US on various issues posed a threat to the global recovery. In an update to its World Economic Outlook on Tuesday, the IMF said it now sees annual growth of 1.9 percent, compared with its earlier prediction of one percent in June. China's exports have "recovered from deep declines earlier in the year, supported by an earlier restart of activity", the IMF report said. A "strong pickup in external demand for medical equipment and for equipment to support the shift to remote working", also boosted exports. Chinese customs authorities on Tuesday said exports jumped 9.9 percent on-year in September, initially spurred by worldwide demand for Made-In-China personal protective equipment but now widening to household appliances and plastics. China is the only major economy with a positive growth forecast for this year, according to the Fund. "While recovery in China has been faster than expected, the global economy's long ascent back to pre-pandemic levels of activity remains prone to setbacks," the IMF said. The body warned that the world faced a "long, hard, dire" path to post-pandemic recovery and slashed its annual forecasts further, predicting the global economy would shrink 5.2 percent, compared with a 4.9 percent contraction predicted in June. The prolonged US-China trade war that has tipped into a bitter battle for global tech supremacy also threatened to undermine global recovery, IMF said. As part of a partial trade truce signed in January, Beijing promised to import an additional $200 billion in American products over two years, ranging from cars to machinery and oil to farm products. But the pandemic has put pressure on the agreement and China's purchases of those goods has been lagging. The IMF warned that "tensions between the world’s two largest economies remain elevated on numerous fronts" as Beijing and Washington also lock horns over China's treatment of ethnic minorities in Xinjiang and Beijing's security clampdown in Hong Kong. China is still battling localised coronavirus outbreaks, but has largely curbed its spread, allowing most businesses including cinemas and hotels to reopen and domestic tourists to travel. The IMF expects the Chinese government to continue with its infrastructure spending to bolster growth through 2021. But it warned against investments in "dirty sectors" including coal, cement and steel that have led to an increase in China's carbon emissions that previously peaked in 2013. (With inputs from agencies)

China's economy to rebound, IMF predicts major growth

The International Monetary Fund has updated its world economic outlook and a forecast for India is grim. Watch report.

IMF: Indian economy to contract 4.5% in 2020

International Monetary Fund&#39;s World Economic Outlook data released on Monday revised the global growth rate upwards to 3.9 per cent in both 2018 and 2019 while India&#39;s growth projection has been pegged at 7.4 per cent for 2018 and 7.8 per cent for 2019 respectively.&nbsp;

<a href="http://www.wionews.com/business-economy/gst-will-raise-indias-economic-growth-to-more-than-8-imf-15011">Global economies </a>are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts, the IMF said.&nbsp;

In the latest update to the <a href="http://www.wionews.com/business-economy/india-needs-to-strengthen-rbis-independence-international-monetary-funds-report-27419">IMF&#39;s World Economic Outlook</a>, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition.

However, the fund warns that exuberant financial markets could be due for a reversal.

The global economy is now expected to grow 3.9 percent this year and next, two-tenths higher than the previous estimate, and up from 3.7 percent in 2017.

Advanced economies are seeing solid simultaneous growth, and the US tax reform passed just before Christmas will have a measurable effect, at least for a couple of years.

&quot;The revision reflects increased global growth momentum and the expected impact of the recently approved the US tax policy changes,&quot; the IMF said.

&quot;Some 120 economies, accounting for three-quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronized global growth upsurge since 2010.&quot;

And for 2019, the IMF increased its US growth forecast a whopping 0.6 points from October to 2.5 percent.

The corporate tax cuts are seen driving investment, which could add growth of 1.2 percent to the US economy through 2020, while also contributing to the faster expansion in US trading partners like Mexico.

The UK economy, facing separation from the European Union, was also one of the very few that did not see an upward revision. The 2018 forecast was unchanged at 1.5 percent.

Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent.

China saw a more modest improvement of just one-tenth to 6.6 percent.

&quot;The current cyclical upswing provides a unique opportunity for structural and governance reforms,&quot; the IMF said, adding, &quot;policymakers should guard against the temptation to defer reforms and budgetary adjustments for later.&quot;

In the latest update to the IMF's World Economic Outlook, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition.

International Monetary Fund's World Economic Outlook data released on Monday revised the global growth rate upwards to 3.9 per cent in both 2018 and 2019 while India's growth projection has been pegged at 7.4 per cent for 2018 and 7.8 per cent for 2019 respectively. Global economies are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts, the IMF said. In the latest update to the IMF's World Economic Outlook, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition. However, the fund warns that exuberant financial markets could be due for a reversal. The global economy is now expected to grow 3.9 percent this year and next, two-tenths higher than the previous estimate, and up from 3.7 percent in 2017. Advanced economies are seeing solid simultaneous growth, and the US tax reform passed just before Christmas will have a measurable effect, at least for a couple of years. "The revision reflects increased global growth momentum and the expected impact of the recently approved the US tax policy changes," the IMF said. "Some 120 economies, accounting for three-quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronized global growth upsurge since 2010." And for 2019, the IMF increased its US growth forecast a whopping 0.6 points from October to 2.5 percent. The corporate tax cuts are seen driving investment, which could add growth of 1.2 percent to the US economy through 2020, while also contributing to the faster expansion in US trading partners like Mexico. The UK economy, facing separation from the European Union, was also one of the very few that did not see an upward revision. The 2018 forecast was unchanged at 1.5 percent. Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent. China saw a more modest improvement of just one-tenth to 6.6 percent. "The current cyclical upswing provides a unique opportunity for structural and governance reforms," the IMF said, adding, "policymakers should guard against the temptation to defer reforms and budgetary adjustments for later."

India to grow at 7.4% in 2018, global growth rate revised upwards: IMF