The International Monetary Fund on Tuesday said a stronger recovery in rich countries such as the US and UK had sharply reduced the risks of another global downturn.
Although the fund forecast global growth of 3.6 per cent in 2014, rising to 3.9 per cent next year, it warned that the world still faced “years of slow and subpar growth” unless countries embarked on structural reforms to improve their growth.
The fund’s World Economic Outlook now estimates only a 0.1 per cent probability of global recession in 2014, compared with a 6 per cent chance last October, with similarly reduced risks for 2015.
Most of the IMF’s forecasts were little changed, with expectations of stronger growth in the US, the UK and Germany boosting the outlook
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