The IMF added that global recovery is expected to strengthen in 2017 mainly on the back of emerging markets and developing economies while growth in advanced economies would likely remain modest.
The Group however added that overall downside risks of weaker global growth have risen, stemming primarily from growing risks to financial stability in emerging economies, increasing strains in oil-export reliant countries, geopolitical risks and international consequences of China’s economic transition.
Growth in Emerging and Developing Asia meanwhile, is expected to remain robust driven by private consumption, a recovery in industrial activity and a pick-up in private investment,