The International Monetary Fund yesterday said a stronger recovery in rich countries such as the US and UK had sharply reduced the risks of another global downturn.
Although the fund forecast global growth of 3.6 per cent in 2014, rising to 3.9 per cent next year, it warned that the world still faced “years of slow and subpar growth” unless countries embark on structural reforms to improve their growth.
The fund’s World Economic Outlook estimates a 0.1 per cent probability of global recession in 2014, compared with a 6 per cent chance last October, with similarly reduced risks for 2015.
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