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Emerging economies lead global growth- IMF
April 16, 2013, 2:59 pm

[Getty Images]

Emerging markets and developing economies will grow 5.3 per cent this year, according to the IMF [Getty Images]

The International Monetary Fund (IMF) on Tuesday said “emerging economies persist in leading global growth in 2013”.

The Chinese economy was expected to grow 8 percent in 2013 and 8.2 percent in 2014 according to the IMF’s latest figures.

The Indian GDP is expected to grow at 5.6 per cent while Russia is at 3.37 per cent and Brazil’s at three per cent this year, according to the report.

These were figures noted by the IMF’s latest World Economic Outlook (WEO) report.

The IMF lowered its global economic growth rate forecast to 3.3 per cent in 2013, 0.2 percentage points lower than its earlier estimate in January.

While the IMF painted a “mixed picture in advanced economies, emerging market countries are doing well,” it asserted.

Advanced economies will grow by 1.2 per cent this year and 2.2 per cent next year respectively, said the IMF.

Emerging markets and developing economies will grow 5.3 per cent this year and 5.7 per cent next year respectively.

The global economy is forecast to expand four per cent in 2014, the same as its earlier prediction, said the report.

“Global economic prospects have improved again but the road to recovery in the advanced economies will remain bumpy,” the global lender said before the upcoming Spring Meetings of the IMF and the World Bank scheduled to kick off on April 19.

The IMF predicted that the US economy would expand 1.9 per cent this year before firming to three percent growth next year.

The eurozone economy was predicted to contract 0.3 per cent this year before picking up steam to grow 1.1 per cent in 2014.

However, “old dangers remain and new risks have come to the fore.”cautioned the IMF.

In the short term, risks mainly relate to developments in the eurozone, including uncertainty about the fallout from events in Cyprus and politics in Italy as well as vulnerabilities in the peripheral eurozone nations, said the fund.

With inputs from Xinhua

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