IMF: Global recovery on firmer footing

WASHINGTON: The global economic recovery is on firmer footing as improving growth in China, Europe and Japan offset downward revisions for the United States and Britain, the International Monetary Fund said.

The fund still expects the global economy will grow by 3.5% in 2017 and 3.6% in 2018, the same as in the April World Economic Outlook (WEO). The euro area now is projected to see economic growth of 1.9% this year and 1.7% in 2018.

Japan is also seeing improved growth prospects, with an expansion of 1.3% this year expected, although that is seen slowing sharply to 0.6% in 2018.

Meanwhile, China continues to be a major engine of global growth, expanding by 6.7% this year, and 6.4% next, driven by economic policies in Beijing.

But within the mostly upbeat forecasts, the IMF once again sounded the warning on the growing anti-global sentiment, which could leave all economies worse off.