IMF upgrades world's economy growth
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The International Monetary Fund ( IMF) upgraded the economic growth estimation in 2009 and 2010 in several countries with the highest growth estimation set for China and five ASEAN countries, the Detik.com news portal reported here on Thursday.
China's economic growth this year was upgraded to 8.5 percent, or 1 percent higher from the initial estimation.
Meanwhile the economic growth estimation in five ASEAN countries that consisted of Indonesia, Malaysia, the Philippines, Thailand and Vietnam is upgraded by 1 percent from minus 0.3 to 0. 7 percent this year.
The IMF predicted that the global economic growth in 2009 would reach minus 1.1 percent, or higher than its initial estimation of 1.4 percent.
In 2010, the IMF predicted that global economic growth may reach 3.1 percent, or 0.6 percent high from its initial estimation.
The growth revision was referred to the economic recovery that seemed to be faster than its initial prediction. The IMF, however, said that the revision does not imply that the crisis has already ended.
"The economic recovery is underway in many countries at the moment. The economic growth would be positive this year until 2010. But it should not make governments think that the crisis already ended," IMG economist Olivier Blanchard said in a statement distributed to the media.
IMF said countries that would enjoy positive economic growth this year are African countries (1.7 percent), China (8.5 percent), India (5.4 percent), five ASEAN countries (0.7 percent), Middle East countries (2 percent).
The IMF estimated that countries like the United States, France, Italy, Russia, the United Kingdom, Canada, Brazil and Mexico would still be in negative growth territory this year.
But the IMF's revised estimation on those countries showed positive trends compared to its previous estimation.
China and India are still regarded to be the countries that spurred the world's economy.
In 2010, China's economic growth is predicted to reach 9 percent, while India at 6.4 percent. Meanwhile the economic growth in the ASEAN five is predicted to reach 4 percent in 2010.
