IMF raises 2017 global growth forecast to 3.5%

WASHINGTON — The International Monetary Fund (IMF) on Tuesday raised its forecast for global economic growth in 2017, saying buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade supported the improved outlook.

The IMF said the global economy will grow by 3.5 percent, an acceleration from 3.1 percent growth last year and an upgrade of 0.1 percentage point from its January projection. But it kept the forecast for growth in 2018 unchanged at 3.6 percent.

"Our new projection for 2017 is marginally higher than what we expected in our last update. This improvement comes primarily from good economic news for Europe and Asia, and within Asia, notably for China and Japan," IMF chief economist Maurice Obstfeld told a press conference.