IMF strikes upbeat tone on global recovery

The International Monetary Fund has said the global economy is more likely to enjoy a reasonable recovery over the next two years as it benefits from recent falls in energy prices and exchange rate movements. According to its twice-yearly forecast, India will outperform China in growth for the first time in 16 years. The IMF expects China's slowdown to continue with growth of 6.8% this year and 6.3% in 2016. Overall, the fund forecasts 3.5% global growth in 2015, up from the 3.4% recorded last year and improving further to 3.8% in 2016. Among advanced economies, the US is expected to lead the pack, growing 3.1% in both years. Among large European economies, the UK and Spain have the best prospects. The Eurozone economy is expected to grow 1.5% this year, having expanded 0.9% last. Speaking to the FT, IMF chief economist Olivier Blanchard said: 'I sense the macro risks are smaller than in October – there is no reason for doom and gloom.'


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