IMF foresees global economy accelerating to 3.5 pct. in '17

The International Monetary Fund (IMF) improved its economic growth forecasts for 2017, from 3.8 percent to 4.2 percent, according to the latest World Economic Outlook report published Tuesday ahead of the spring reunion, business-review.eu informs. The IMF has raised its predictions of global growth, with stronger momentum from the second half of a year ago carrying through to 2017.

In the same projection period, Luxembourg's current account balance will stay relatively stable, going from 4.8% in 2016 to 5.1% in both 2017 and 2018.

At the same time, the Washington-based organization revised up its global economic growth outlook to 3.5 percent for 2017 from 3.4 percent on the back of a faster-than-expected recovery in the advanced industrialized economies. The projection for next year was left unchanged at 3.6%.

Its 2018 projection held steady at 3.6%, but the International Monetary Fund noted longer term growth forecasts remain "subdued" as protectionist movements starts to threaten global trade. "Moreover, the economic growth must be also seen in Romanians' incomes", the chief of Government also said.

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The IMF said inspite of the more optimistic short-term outlook, longer-term prospects remain impaired by slow productivity improvements and lagging structural reforms that could raise growth prospects in rich countries and improve stability in emerging and developing economies.

Japan's forecast was revised up 0.4 points to 1.2 percent.

For Brazil, the Fund forecasts a 0.2% growth for this year and of 1.7% in the next, against a 3.6% decline in 2016.

The IMF said China has made some progress in reducing its industrial production overcapacity, but noted that the economy continues to rely on government stimulus and rapid credit expansion to maintain growth.

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This is 0.5 percentage points higher than the 1.5 per cent growth predicted in January and 0.9 points higher than the GDP growth predicted in October.

'In Washington this week I will be talking to our worldwide partners about how we can carry on increasing global economic growth, with Britain again playing an active and engaged role in the global economy'.

Amid those uncertainties and challenges, Luis said Indonesia had to implement the right policy mix to reach its 5.1 percent target.

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