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IMF head sees slight upward revision in 2006-2007 growth forecast
AFP
MADRID
Petroleumworld.com 06 24 06
The head of the International Monetary Fund predicted here Friday that the world economy would grow 5.0 percent this year and next, an upward revision from the IMF's previous forecasts of 4.9 percent in 2006 and 4.7 percent in 2007.
Despite high oil prices and imbalances in global momentum, the world economy "will be growing at 5.0 percent in 2006 and will continue with a similar rhythm in 2007," said IMF Managing Director Rodrigo Rato.
"I think the world is really in an expansionary phase," he told African representatives at a meeting to prepare for the annual session of the IMF and World Bank in Singapore in September.
He described sub-Saharan Africa as a "dynamic area."
The IMF foresees growth reaching 5.8 percent in sub-Saharan Africa this year of 5.8 percent, the strongest in more than 30 years.
"We also see a clear strong recovery in Japan and a stronger growth in the euro area and we see strong growth in eastern Europe," Rato said.
AFP 23 1718 GMT 06 06
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