IMF to raise its forecast for global growthJanuary 8, 2014 - 16:34 AMT PanARMENIAN.Net - The International Monetary Fund will raise its forecast for global growth, IMF chief Christine Lagarde said. She said the revision would come in the next three weeks but did not elaborate, saying that it would be premature to say any more, according to BBC News. In October the IMF lowered its growth forecasts, saying the global economy "remains in low gear". It cut its growth forecast for 2014 by 0.2 of a percentage point to 3.6%. It also reduced the estimate for 2013 growth by 0.3 of a point to 2.9%. Back then it warned that a slower pace of expansion in emerging economies such as Brazil, China and India, was holding back global expansion. Many economists have been surprised at the strength of the rebound in developed economies, particularly the United States and the UK. Last month the US Commerce department revised US growth upwards to its fastest pace since late 2011. It said GDP grew at an annualised rate of 4.1% between July and September, up from an earlier 3.6% estimate. Citing those stronger growth figures, U.S. President Barack Obama has said 2014 will be a "breakthrough year" for the U.S. economy. Also last month, growth estimates for the UK economy in 2013 were upgraded. The Office for National Statistics (ONS) raised its forecast for annual growth to 1.9% from 1.5%, the BBC says. Lagarde made the comments during a press conference in Nairobi. The IMF has lent $750m to Kenya to support reform and the government's financial position. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |