International Monetary Fund upgrades Romania's economic growth forecast

North Korea's Deputy Ambassador to the United Nations Kim In Ryong speaks during a news briefing on Monday

North Korea's Deputy Ambassador to the United Nations Kim In Ryong speaks during a news briefing on Monday

Only the United States of all the advanced economies is expected to grow faster than the UK this year, according to the International Monetary Fund.

The growth forecasts were more or less the same as that of the World Bank and Asian Development Bank (ADB), while the government also expected the country's GDP growth at 5 percent for the current fiscal year of 2016/17 as against 4.7 percent in 2015/16. It has, however, raised its projection for the European Union by 0.1 percentage point to 1.7 per cent.

"There has been a stream of continuing positive data that we have seen since the middle of 2016", Mr. Obstfeld said. They now account for more than 75 percent of global growth in output and consumption, nearly double the share of just two decades ago.

Analysts say cheap credit has bolstered the construction sector since a year ago, attracting savers and speculators who have pushed up housing prices in big cities and accelerated manufacturing activity.

The IMF now forecasts Hungarian consumer prices to rise on average by 2.5% this year and by 3.3% in 2018, significantly quicker than the respective 0.8% and 2.6% rates projected in the October report. And the International Monetary Fund has issued an encouraging growth forecast for the Australian economy, compared to the Treasury's most recent predictions issued in December. "Household debt is now a major slice of the total debt pie and households are much less able to service these debt loads for a number of reasons", said Christopher Balding, professor of economics at Peking University. Commodity prices, particularly crude oil, which plummeted to historic lows in the first few months of 2016, seem to be on the rebound, according to the report.

Now, Lagarde and others say, the outlook was brightening as China's economy had steadied, thanks to government spending and an easy-money credit boom.

The IMF's World Economic Outlook report for April 2017 said that after a GDP of 2,8% in 2016, the IMF estimates that the growth rate will be slightly slower to 2.5% and in 2019 to 2.3%.

This projected slowdown is in line with the general development of the eurozone.

The IMF upgraded its estimate for China's 2017 growth to 6.6 percent from 6.5 percent, which it made in January.

'In Washington this week I will be talking to our worldwide partners about how we can carry on increasing global economic growth, with Britain again playing an active and engaged role in the global economy'.