IMF hikes global growth forecast

The International Monetary Fund projected the global economy would grow faster than previously expected this year, raising its forecast slightly to 4.4 per cent.

The IMF said the two-speed global recovery with advanced economies growing significantly more modestly than emerging economies was shifting gears as economic powers the United States and Japan saw rising consumption.

The global economy was on track to grow 4.4 per cent in 2011, the IMF said, revising upward an October estimate of 4.2 per cent.

The United States, the world's largest economy, was projected to grow 3.0 per cent, a sharp 0.7 point markup, while the forecast for the 27-nation eurozone was unchanged at 1.5 per cent.

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