The International Monetary Fund, IMF, this week raised its forecast for global growth to 3-point-6 percent this year and 3.7-percent in 2018.
It’s citing stronger expansion in the first half of the year in the Eurozone, Japan and some emerging markets.
The IMF says the pickup in activity that started in the second half of 2016 has gained further momentum in the first six months of this year as the world economy grew to 3.2-percent in 2016.
It says the global upswing in economic activity is strengthening.
Broad-based upward revisions in the euro area, Japan, emerging Asia, emerging Europe, and Russia — where growth outcomes in the first half of 2017 were better than expected — more than offset downward revisions for the United States and the United Kingdom.
Just a year ago, the global economy was still stuck in a slump in the aftermath of the great recession of 2007-2009 and a debt crisis in Europe.
China’s economy was slowing steadily, raising fears of economic fallout in the developing countries that supply raw materials to the world’s second-biggest economy.
Now the global recovery appears widespread, with three-quarters of the globe enjoying an upswing for the first time this decade and many of the fears have eased.