22:22, 22-Jan-2018
Global Economic Outlook: IMF revises 2017 global output growth to 3.7%
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The International Monetary Fund is painting a rosy picture for the global economic outlook. It projected last year's global output growth to stand at 3.7 percent and a 3.9 percent GDP expansion for this year and the next. The upward revisions were thanks to stronger than expected performance in Europe and Asia.
Meanwhile, the IMF upped its growth forecast for Japan and expects it will benefit from higher external demand. Forecasts for China and other developing economies hovered at around the 6.5 percent mark.
The IMF said the Chinese economy will moderate gradually this year, but at a better rate due to a stronger market demand. Though the projections are optimistic, the IMF warned high asset valuations and a potential market correction could derail growth.