The International Monetary Fund has raised its global growth estimates for 2010 to 2.4 percent from 1.9 percent in April because of stimulus measures taken in recent months, a G8 source who has seen the latest figures said.
The recovery will be gradual, however, and the risks to the outlook are on the downside, the source told Reuters on Thursday, speaking on condition of anonymity.
The forecast for global growth in 2010 has moved to 2.4 percent from 1.9 percent in April, the source said. The estimate has improved thanks to the impact of stimulus measures taken in recent months.
The source had access to an IMF briefing note for the G8 finance ministers' meeting in Italy this weekend which contained the figures.
In the note, the forecast for the global economy in 2009 is unchanged, with the IMF still expecting a contraction of 1.3 percent, as outlined in its World Economic Outlook published in April.
The note points to a better performance in the U.S. economy in 2009 and a worse one from Europe compared to April IMF estimates of a 2.8 percent fall and a 4.2 percent drop respectively, the source added, without giving updated figures.
For 2010, the IMF note suggests an improvement for the United States along with a slight increase in the estimate for Europe compared with April's expectations of zero growth and a contraction of 0.4 percent respectively.