The International Monetary Fund (IMF) on Tuesday revised its forecast saying that the global economy is estimated to grow faster in 2011.

The global economy is projected to grow 4.4 percent in 2011, up from 4.2 percent estimated in October 2010.

The IMF forecasts the advanced economies to post higher growth citing reason as increased consumption in those countries.

The agency expects the US economy to grow at 3 percent this year, up 0.7 percent from October forecast. However, IMF kept its forecast for the 27-nation eurozone unchanged at 1.5 percent.