International Monetary Fund says United Kingdom is exception to global growth

IMF upgrades S. Korea's economic growth outlook to 3 pct this year

Nigeria's economy projected to grow 0.8 % in 2017

The IMF also said that it expects Cyprus's current account deficit to shrink to 3.8 percent this year, compared to 5.3 percent last year and to 2.7 percent in 2018 percent.

The IMF said that it expects India's economy to grow by 6.7% in 2017, slower than the 7.2% it had forecast in April, due to the lingering impact of the government's sudden demonetization past year and a newly introduced goods and services tax.

"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research.

"Growth is expected to rise gradually", it said, while noting that the rate would be uneven and "barely above population growth".

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The IMF today lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent, attributing it to demonetisation and introduction of the GST. Even more pessimistically, the Centre for Economics and Business Research anticipates that the United Kingdom economy will grow by just 1.3 per cent in 2017, representing a substantial downward revision from an earlier forecast of 1.7 per cent.

Economic growth in the euro zone was revised upwards from the July forecast by 0.2 percentage points for both 2017 and 2018 to 2.1 percent and 1.9 percent respectively, reflecting an export revival, stronger domestic demand due to accommodative financial conditions and a lowering of political risk.

As other advanced nations outpace the United Kingdom, the IMF's new projections show Britain falling from the second fastest G7 economy in 2016 to the third slowest in 2018.

Economic growth in Kenya is seen slowing to 5 percent this year from 5.8 percent last year, the International Monetary Fund said.

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The IMF's projection is broadly in line with consensus, but significantly more optimistic than the recent 1 per cent growth forecast by the Organisation for Economic Co-operation and Development.

After years of sluggish global growth and less than rosey predictions about the future, the IMF's latest forecasts suggest calmer waters ahead.

The growth forecast for this year was raised to 3.6 percent from 3.5 percent and the outlook for next year was lifted to 3.7 percent from 3.6 percent.

At the same time, a premature exit by the European Central Bank from its easy monetary-policy stance could derail growth in many European countries.

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South Africa slipped into recession earlier this year as rising inflation and high unemployment hit consumer spending, but a rebound in agricultural output has since helped the economy to return to growth.

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