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  HOME | Business & Economy (Click here for more)

IMF Expects World Economy to Grow 3.5%

WASHINGTON – The International Monetary Fund is maintaining its forecast that the global economy will grow 3.5 percent this year, while boosting its growth estimate for 2016 to 3.8 percent amid an “uneven” panorama in which wealthy countries are gathering steam even as emerging nations face headwinds.

The World Economic Outlook, released Tuesday to coincide with the opening of the IMF/World Bank Spring meetings, shows the United States leading the expansion with growth of more than 3 percent this year and next.

The euro zone is also displaying signs of recovery, according to the IMF.

In contrast, the emerging economies that kept the global economy ticking over at the worst moments of the Great Recession are contending with a scenario marked by a slowdown in China, difficulties in Russia and a sharp downturn in Latin America.

The IMF estimates the Asian giant will grow 6.8 percent this year and 6.3 percent in 2016, unchanged from the January forecast.

The Fund boosted its projection for growth in India in 2015-2016 by a full percentage point, to 7.5 percent.

Russia, according to the IMF, faces contractions of 3.8 percent this year and 1.1 percent in 2016 as a result of the drop in oil prices and persistent geopolitical tensions around Ukraine.

IMF economist now expect Latin America to grow 0.9 percent this year, down from an earlier forecast of 1.3 percent, and are forecasting recession in Argentina, Brazil and Venezuela.

 

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