The International Monetary Fund on Tuesday nudged its global growth forecast higher, citing the unexpected strength of the U.S. economy and fiscal support measures in China.
It now sees global growth in 2024 at 3.1%, up 0.2 percentage point from its prior October projection, followed by 3.2% expansion in 2025.
Large emerging market economies including Brazil, India and Russia have also performed better than previously thought.
The IMF believes there is now a reduced likelihood of a so-called hard landing, an economic contraction following a period of strong growth, despite new risks from commodity price spikes and supply chain issues due to geopolitical volatility in the Middle East.
It forecasts growth this year of 2.1% in the U.S., 0.9% in both the euro zone and Japan, and 0.6% in the United Kingdom.
