IMF Forecasts Continuing Global Recovery in 2010
The IMF has updated its forecast for global GDP growth in 2010 and 2011 (see chart above, click to enlarge). Compared to its April forecast, the IMF has made upward revisions to almost all of its forecasts for real output growth in 2010 (the only exceptions being downward revisions of -.01% for U.K. and France): world GDP growth for 2010 has been revised upward to 4.6%, which will be the highest annual growth rate since 2007, and far above the 3.2% average growth since 1980. The upward revision of .40% for world GDP translates into an additional $220 billion of output that will be produced this year compared to the IMF's April forecast.
China (10.5%, revised upward by .5%), India (9.4%, revised up by .6%) and Brazil (7.1%, revised up by 1.6%) are expected to lead the world in real output growth this year. Real GDP growth in the U.S. was revised up by .20% to 3.3% for 2010, and revised up by .30% to 2.9% for 2011.