IMF raises global growth forecast due to broad-based recovery

The International Monetary Fund (IMF) on Tuesday raised its global growth forecast for 2017 and 2018 due to a broad-based recovery in Europe, China, Japan and the United States.

In its latest World Economic Outlook, the IMF forecast that the global economy will grow by 3.6 percent in 2017 and 3.7 percent in 2018, both 0.1 percentage point higher than its previous forecast in July.

"The global recovery is continuing, and at a faster pace... we see an accelerating cyclical upswing boosting Europe, China, Japan, and the United States, as well as emerging Asia," said IMF chief economist Maurice Obstfeld.

The IMF expects the Chinese economy to grow 6.8 percent this year and 6.5 percent next year, both 0.1 percentage point higher than its previous forecast in July.

The fund also revised up its U.S. growth forecast to 2.2 percent in 2017 and 2.3 percent in 2018, 0.1 and 0.2 percentage point, respectively, higher than its projection in July.