In its latest World Economic Update, released today, the fund pushed its growth forecast for 2017 up by 0.1 percentage point to 3.5%, compared to 3.1% past year, thanks to positive economic data from Europe and Asia and expectations for higher growth in the US.
The IMF's estimate for worldwide economic growth is 3.5 per cent for this year and 3.6 per cent for 2018, up from 3.1 per cent last year.
He pointed out that despite these signs of strength, many other countries will continue to struggle this year with growth rates significantly below past forecasts.
IHS Markit forecast the Philippine economy to grow 6.3 percent, citing the information technology and business process outsourcing industry and remittances from workers overseas as two key growth engines.
"With persistent structural problems-such as low productivity growth and high income inequality-pressures for inward-looking policies are increasing in advanced economies".
International Monetary Fund chief economist Maurice Obstfeld said: "This improvement comes primarily from good economic news for Europe and Asia as well as our continuing expectation for higher growth this year in the USA". "In India, the growth forecast for 2017 has been trimmed by 0.4 percentage point to 7.2 per cent, primarily because of the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent currency exchange initiative".
"The upward revision. reflects the stronger-than-expected momentum in 2016 and the anticipation of continued policy support", the fund said in its latest World Economic Outlook.
"The world economy may be gaining momentum, but we can not be sure that we are out of the woods", said Obstfeld.
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"At the same time, a combination of adverse weather conditions and civil unrest threaten several low-income countries with mass starvation".
The report warns of the "significant downside risks" to the outlook, which have gotten worse since January - among them, "the turn towards protectionism, leading to trade warfare", Obstfeld said in the foreword of the report.
The global economy is expected to grow 3.5 percent in 2017, up from 3.1 percent previous year, and 3.6 percent in 2018.
The report said the UK's "principal challenge will be to successfully navigate the exit from the European Union and negotiate new arrangements for economic relations with the European Union and other trading partners". "But we can not adopt unreasonable forecasts or build unjustifiable macroeconomic frameworks".
"Whether the current momentum will be sustained remains a question mark", Obstfeld explained.
The International Monetary Fund (IMF) forecasts 0.8% growth for SA citing a rebound in commodity prices, the dissipation of the drought and the expansions of electricity capacity.
It said that growth is likely to dip in most Gulf Cooperation Council member states, which also include Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.