IMF: Global Economy Recovering Faster than Expected Oct 1, 2009

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The global economy is recovering faster than expected, said an International Monetary Fund report.

According to the World Economic Outlook, the world should grow by 3.1% in 2010 with much of the recovery driven by emerging economies such as China and India. That is up from the 2.5% in the IMF's previous set of estimates. For 2009, the IMF expects a 1.1% decline of global GDP instead of the 1.4% contraction it predicted in July.

For the U.S. the IMF raised its 2010 growth forecast by 0.7 percentage point to 1.5%, following an anticipated 2.7% contraction in 2009.

Japan, Asia's largest economy, is expected to grow 1.7%.

The report said much of 2010's global growth will be dependent on Asia, not least China and India, which are expected to grow by 9% and 6.4%, respectively.

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