Revisions to the initial World Economic Outlook were released in October, revealing stronger than expected estimates for the remainder of 2017 and all of 2018. Growth estimates now are 3.6% for 2017 and 3.7% for 2018, an acceleration from the 3.2% growth that occurred in 2016.
The IMF report states that a global cyclical upswing that began in the middle of 2016 is still intact and gradually gaining momentum. Financial conditions remain buoyant in the U.S. and internationally regardless of any monetary stimulus efforts discontinued by global central banks.
The IMF did attest that the global economy has achieved a level of momentum during a short term that has not occurred for many years. The identified growth is also broad based, more so than any other time over the past decade. Global growth is expected to be the strongest this year since 2014, with the majority of developed economies strengthening.
Source: IMF; World Economic Outlook Report revised October 2017