IMF(International Monetary Fund) raised global economic growth forecasts to 3.5% by 0.1% in 18th April, which will be the will be the fastest growth year in five years.
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The IMF also raised its outlook for the advanced economies, which include the U.S., the U.K., Germany, Italy, Spain, Japan and other developed nations. It now anticipates they will grow by 2% this year, up slightly from 1.9% forecast in January.
Its outlook for the U.S. economy, whose 2017 growth was projected in January at 2.3%, was Left Unchanged. The U.S. economy grew 1.6% last year.
"Our new projection for 2017 is marginally higher than what we expected in our last update. This improvement comes primarily from good economic news for Europe and Asia, and within Asia, notably for China and Japan," IMF chief economist Maurice Obstfeld told a press conference on Tuesday.
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And it upgraded China's growth forecast in 2017 and 2018 to 6.6 and 6.2 percent, respectively.
Meanwhile, the IMF continued to warn of the downside risks facing the global economy.
IMF said "a faster-than-expected pace" of interest rate hikes in the U.S. could tighten financial conditions elsewhere, and strengthening of the U.S. dollar could strain emerging-market economies with currencies that are pegged to the dollar.
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The IMF also left unchanged its January forecast for emerging markets, which are anticipated to grow 4.5% in 2017 and 4.8% in 2018.
China's growth this year is now estimated at 6.6%, up from 6.5% projected in January.
"The world economy may be gaining momentum, but we cannot be sure that we are out of the woods," said Obstfeld.
"Avoiding the damage from potential protectionist measures will require a renewed multilateral commitment to support trade, paired with national initiatives that can help workers adversely affected by a range of structural economic transformations including those due to trade," the chief economist said.
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