International Monetary Fund raises Hungary GDP growth, inflation forecasts for 2017, 2018

Growth forecasts for 2017 and 2018 were revised upward for Russian Federation, where economic recovery is benefiting from higher oil prices, and China, reflecting stronger than anticipated policy support.

'In Washington this week I will be talking to our worldwide partners about how we can carry on increasing global economic growth, with Britain again playing an active and engaged role in the global economy'.

Both the ADB and World Bank projected the country's growth at 5.2 percent in 2017 and 5.5 percent in 2018.

Economic activity is forecast to accelerate slightly this year in four of the ASEAN-5 economies: Indonesia, Malaysia, Philippines, and Vietnam. IMF Managing Director Christine Lagarde warned last week that a "sword of protectionism" hung over a brightening global outlook.

The 2018 International Monetary Fund forecast for the British growth was also upgraded, to 1.5 percent from 1.4 percent.

According to the Fund, the financial market is buoyant and a "long-awaited" recovery in manufacturing and trade, with world growth projected to increase this year and the next. The report's authors say slow and unequal income growth, meager growth in productivity, the financial crisis, and other problems have generated political support for "zero-sum" approaches to trade.

The International Monetary Fund lowered its 2017 growth forecast for Egypt, reflecting the economic toll from the government's decision past year to float the pound and introduce a reform program.

While the forecast growth for many economies has been increased slightly, the 0.5% rise in predicted United Kingdom growth this year is striking - it is, by far, the biggest change made in any of the IMF's forecasts. The forecast for 2017 remained the same as the one made available in January, but the estimate for 2018 increased in 0.2 percentage point.

But structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term, remain important challenges. "Emerging market and developing economies... now account for more than 75 percent of global growth in output and consumption, nearly double the share of just two decades ago".

Developing nations were predicted to expand at a 4.5% rate this year and 4.8% in 2018, a marked improvement from 4.1 percent growth in 2016.

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