The International Monetary Fund's economic growth projections are set to look up as the body plans to revise predictions upward on brightening prospects of a quicker-than-expected recovery from the worst recession in generations, according to the IMF's deputy head.
John Lipsky, the IMF's first deputy managing director, said on Monday that the greater optimism would be reflected in a January update of the IMF's World Economic Outlook (WEO), a series of global forecasts that were last released in October.
"The year 2010 has opened amid generalised - but tempered - optimism about the global economic and financial outlook," Lipsky wrote in a post on the IMF website.
He added that the improved prospects were evident in economic data, in financial market performance and in the marking up of economic forecasts.
He added that somewhat more upbeat expectations would be reflected in the regular January (WEO) update.
In October, the IMF had forecast that world economic output would grow by 3.1 per cent in 2010, following a shrinking of 1.1 per cent in 2009.