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 on Sunday. "The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world economy’s gain in momentum," IMF chief economist Maurice Obstfeld said. The fund still expects the global economy will grow by 3.5 per cent in 2017 and 3.6 per cent in 2018, the same as in the April WEO. The euro area now is projected to see economic growth of 1.9 per cent this year and 1.7 percent in 2018. Finally, the IMF cautioned that "a broad rollback of the strengthening of financial regulation and oversight achieved since the crisis" -- something the Trump administration is pushing -- could increase the risk to global financial stability.

Source: Viet Nam News July 24, 2017 03:11 UTC