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The International Monetary Fund made upward adjustments to its forecast for world economic growth in 2018 and 2019.
In an update of its World Economic Outlook, the organization said that prospects for global economy are looking brighter, noting the recent expansion has been mostly broad-based, particularly in Europe and Asia.
IMF projects global growth of 3.9 percent in 2018 and 2019. The figures represent an upgrade of 0.2 percentage points for each years. The new estimate also means faster expansion than the last year. In 2017, growth as 3.7 percent, while it was 3.2 percent in 2016.
The improvement in the economic outlook is widespread. The report says 120 economics representing three-quarters of global economic activity observed a pickup in the previous year. Both developed and emerging nations were affected. This is the broadest synchronised growth upsurge since 2010.
It also mentioned the U.S. tax cuts, which it believes will bolster investment in the world's biggest economy and also help its trading partners in the process. However, it also added that U.S. growth would likely begin to slow down after 2022 as short-term spending incentives stemming from the tax cuts begin to lose traction.
IMF Chief economic Maurice Obstfeld also warned that the tax cuts would likely increase the U.S. current account deficit, strengthen the dollar, and have an impact on international investment flows.
