The International Monetary Fund has recently increased its outlook for international growth by up to 3.5%, the IMF’s fastest rate prediction within a five-year period. Although the said organization retained its outlook for US growth at 2.3% as compared to last year’s 1.6%, it increased the forecasts for the EU’s biggest economies, with the UK economy getting the highest nudge with a 0.5% point increase to clock in at a 2% growth forecast for this year. IMF Chief Economist Maurice Obstfeld stated that growth for this year will be mostly based on gains which will be manifested in the fields of both trade and manufacturing.
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