The International Monetary Fund on Tuesday upgraded its economic outlooks for the world and Japanese economies in 2014 on the back of an overall recovery in advanced economies.
In a revision to its biannual World Economic Outlook report, the IMF raised the expected growth rate of the global economy to 3.7 percent in 2014 from 3.6 percent in its earlier projection released in October, compared with 3 percent growth in 2013.
"Activity is expected to improve further in 2014-15, largely on account of recovery in the advanced economies," the IMF said.
The Washington-based organization said advanced economies as a whole will grow 2.2 percent in 2014, up from the earlier forecast of 2 percent, compared with a 1.3 percent expansion in 2013.
On Japan, the IMF said that a temporary fiscal stimulus being pushed by Prime Minister Shinzo Abe's government "should partly offset the drag from the consumption tax increase" to 8 percent from the current 5 percent in April.
Source: The Global Post
