(MENAFN- Qatar News Agency) The International Monetary Fund expects the global economy to gain speed in 2014, the first time in two years that the lender has predicted stronger growth.
The IMF estimates that worldwide economic growth this year will reach 3.7 percent, up from 3 percent in 2013 and in line with the lender's last major forecast in Octobe
The group predicts 3.9 percent growth in 201
"The recovery is indeed strengthening, but as we have said many times in the past, much work remains to be done," IMF chief economist Olivier Blanchard said Tuesday in a conference call to discuss the group's latest world economic outlook repor
The IMF also expects the U.
Economy to accelerate this year, a prediction that aligns with other recent signs that the economy is gaining tractio
The group forecast growth of 2.8 percent for the U.S., up from 2.6 percent in its last outlook report. GDP rose 1.9 percent last year amid generally weak job-creation and fiscal drag stemming from partisan disputes in Washington, CBS Money Watch reporte
Demand among U.
Consumers and businesses is picking up, while restraints on growth from reduced government spending and higher taxes are easing, the IMF sai
Other bright spots around the globe include the U.
And Canada, which the IMF expect to grow 2.4 percent and 2.2 percent, respectivel
Japan also slowly continues to emerge from a slump that has lasted for more than two decades, the IMF sai
It expects the world's third-largest economy to expand by 1.7 percent this year, with a temporary stimulus program partly offsetting the drag from a hike in consumption taxe
The eurozone, which sank into a depression under the impact of the 2008 financial crisis, is "turning the corner from recession to recovery," the IMF sai
It predicts 1 percent growth in the 17-member currency union in 2014 and 1.4 the following year, while noting that the rebound will be stronger in some countries than in other
The global economy, while improving, isn't out of the wood
A new threat that has surfaced over the last year is deflation
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