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IMF: Global Economic Recovery On 'Firmer Footing'

The International Monetary Fund (IMF) says the global economic recovery is on "firmer footing" with improving growth in Europe and China even as it reduced predicted growth for the United States and Britain.

The IMF's World Economic Outlook released on July 24 said it expected the global economy will grow by 3.5 percent in 2017 and 3.6 percent in 2018.

IMF chief economist Maurice Obstfeld, who presented the quarterly update, said "there is now no question mark over the world economy's gain in momentum."

The IMF, however, warned that sluggish wage growth and growing antiglobal sentiment could leave economies worse off.

The IMF forecast improvement in the eurozone, where growth is projected at 1.9 percent this year and 1.7 percent in 2018.

The Russian economy is projected to "recover gradually" in 2017 and 2018, and inflation there has declined.

Growth in the Middle East, North Africa, Afghanistan, and Pakistan is projected to slow considerably in 2017 due to a decrease in activity in oil exporters, before recovering in 2018.

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