Emerging market and developing countries are leading the world's economic growth, according to the International Monetary Fund (IMF)'s World Economic Outlook report, and these nations account for an upward revision in the IMF's growth forecasts for 2007 and 2008.
The IMF has raised its overall forecast for global growth to 5.2 percent, with a prediction of 9 percent for India and 7 percent for Russia. Growth for the United States, the world's largest economy, is projected at 2.0 percent for 2007 and 2.8 percent for 2008. For Japan, the second-largest economy, the IMF forecasts 2.6 percent in 2007 and 2.0 percent in 2008.
The 27-nation "eurozone" in Europe is predicted to expand at a faster pace of 2.6 percent this year and 2.5 percent in 2008, a slight upward revision from earlier predictions. The report cites Germany, Europe's largest economy, as the driver of this revision and predicts growth for that nation at 2.6 percent this year and 2.4 percent in 2008.