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7/27, 3:30 PM (Source: TeleTrader)
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IMF ups growth forecasts for advanced economies

The International Monetary Fund (IMF) unveiled on Tuesday that it has left its 6% global growth forecast unchanged at 6%, but noted it has revised up its predictions for the developed economies.

The IMF attributed the alterations to the vaccination process and added that it has, for the same reason, revised down the growth predictions for the developing countries, "especially for Emerging Asia," where the vaccine rollout is slower. The forecast for Spain was decreased by 0.2%, making it the only advanced economy whose outlook was dimmed.

"A double hit to emerging market and developing economies from worsening pandemic dynamics and tighter external financial conditions would severely set back their recovery and drag global growth below this outlook’s baseline," the IMF's World Economic Update read.

Breaking the News / BU