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IMF raises world economic growth forecast to 3.1% for 2010

THE International Monetary Fund today raised its 2010 growth forecast for the world economy to 3.1 percent from 2.5 percent, saying the global recession "is ending."

In its latest World Economic Outlook, IMF predicted that the global economy would grow by 3.1 percent in 2010, 0.6 percent higher than its prediction in July. It envisioned the world economy would have a contraction of 1.1 percent in 2009.

The global recession "is ending," but the pace of recovery is slow and activity remains far below pre-crisis levels, said the report.

Advanced economies are projected to expand sluggishly through much of 2010, with unemployment continuing to rise until later in the year. Annual growth in 2010 is projected to be about 1.3 percent, following a contraction of 3.4 percent in 2009, the report said.

Among the major advanced economies, the projection for US growth in 2009 as a whole is minus 2.7 percent, but has been improved to 1.5 percent in 2010.

Growth rate is also projected to go up in the euro area, which is expected to turn from minus 4.2 percent in 2009 to 0.3 percent in 2010, while the picture in Britain is to turn bright as it would register a 0.9-percent growth in 2010 from a contraction of 4.4 percent.

The WEO presents the IMF's analysis and projections of economic developments at the global level in major country groups and in many individual countries. It focuses on major economic policy issues, and analysis of economic development and prospect.


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