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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap IMF raises global growth forecast AFP - 1 hour 28 minutes ago Send IM Story Print HONG KONG (AFP) - – The IMF raised Thursday its global growth forecast for this year despite renewed financial turbulence stemming from an European debt crisis that has sharply raised potential risks. The fund projected the world economy will grow by 4.6 percent, revising the 4.2 percent forecast in April, reflecting "stronger activity" during the first half of 2010 and expectations of fiscal action, especially in Europe. The higher growth was on "expectations of a modest but steady recovery in most advanced economies and strong growth in many emerging and developing economies," the Washington-based International Monetary Fund said. It maintained its 2011 growth forecast at 4.3 percent in an update of its World Economic Outlook projections. The fund however warned that "downside risks have risen sharply amid renewed financial turbulence" sparked by a severe Greek budget crisis that threatened to spread across the eurozone. In the near term, it said, the main risk was an escalation of financial stress and contagion, prompted by rising concern over sovereign risk -- the prospect of governments reneging on borrowing terms. This could lead to additional increases in funding costs and weaker bank balance sheets that induce tighter lending conditions, declining business and consumer confidence, and abrupt changes in exchange rates, the IMF said. "At this juncture, the potential dampening effect on growth of recent financial stress is highly uncertain," it said, adding that so far, there was "little evidence of negative spillovers to real activity at a global level." The new economic forecasts hinged on implementation of policies to rebuild confidence and stability, particularly in the eurozone, the report said. The IMF called on advanced economies to focus on "credible fiscal consolidation" supported by accommodative monetary conditions and financial sector and other reforms to enhance growth and competitiveness. Emerging economies, on the other hand, were urged to implement structural reforms and, in some cases, greater exchange rate flexibility, in an apparent reference to international calls for China to allow its yuan currency to trade more freely. Downside risks to growth in advanced economies could also "complicate macroeconomic management" in some of the larger, fast-growing economies in emerging Asia and Latin America, which faced some "risk of overheating," the IMF said. "Against this uncertain backdrop, the overarching policy challenge is to restore financial market confidence without choking the recovery," it said. In 2010, the United States, the world's largest economy, was expected to grow by 3.3 percent, the eurozone by 1.0 percent and developing Asia by 9.2 percent. China and India were forecast to lead the Asian growth with rates of 10.5 percent and 9.4 percent respectively. In Latin America, Brazil is expected to spearhead growth at 7.1 percent and Mexico at 4.5 percent. Recommend Send IM Story Print News Search Top Stories IMF raises global growth forecast Greece faces strike chaos as MPs reform pensions Germany's 'Octopus oracle' keeps perfect record Formal charges laid against alleged Russia spies White House touts US export success More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Germany's 'Octopus oracle' keeps perfect record Hollywood star Lindsay Lohan jailed for 90 days German industry hit by sudden fall in orders Paris Hilton arrested after Brazil World Cup match: reports Europe imposes caps on banker bonuses More Most Viewed » Reclusive top mathematician turns down prize, again Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Germany's 'Octopus oracle' keeps perfect record Fans gather for Michael Jackson death anniversary More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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