Growth in the global economy is gradually picking up, but it remains under threat from rising protectionism and the risk of trade wars, the International Monetary Fund said Tuesday.
The international organization slightly raised its projections for global growth this year in its semiannual World Economic Outlook report, to 3.5 percent from a previous forecast of 3.4 percent. It expects growth to further strengthen to 3.6 percent in 2018, up from just 3.1 percent in 2016, it said.
Growth is largely due to a rebound in advanced economies, as investment, trade and manufacturing continue to recover following the recession, the report says. Commodity prices are also rebounding as global demand rises and oil prices recover from ultra-low levels, reducing the risk of deflation.
