IMF says global economic recovery has begun

.The International Monetary Fund on Thursday declared that a global economic recovery has begun led by Asia, also cautioning that the strength of the rebound depended on a rebalancing of global growth.

After a year of being downbeat about prospects for the world economy, the IMF's latest World Economic Outlook revised up its growth forecasts for this year and next.

"The recovery has started. Financial markets are healing and in most countries growth will be positive for the rest of the year as well as in 2010," the IMF's chief economist Olivier Blanchard told a news conference here before the start of World Bank and IMF meetings.

The Fund now expects world output to contract by 1.1 percent in 2009 before growing by 3.1 percent in 2010. This is more upbeat than its last outlook in July when the Fund projected the world economy would shrink 1.4 percent in 2009, before expanding 2.5 percent in 2010.

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IMF says global economic recovery has begun

Source: Reuters