The September 2006 World Economic Outlook (WEO) projects strong global growth of 5.1 percent in 2006, slowing slightly to 4.9 percent in 2007, both numbers up from the WEO's spring forecast.
Growth is becoming more balanced, Raghuram Rajan, Director of the IMF's Research Department, said when presenting the WEO projections at a press conference on September 14 during the Annual Meetings in Singapore.
The U.S. economy is beginning to slow; emerging markets and developing markets, led by China at 10.0 percent and India at 8.3 percent, are delivering impressive growth rates; the euro area has gained momentum; and Japan's expansion continues.
However, after four years of strong growth, risks to the outlook are clearly tilted to the downside.
Sustaining productivity Rajan, who has announced that he will return to the University of Chicago in early 2007, took the opportunity of his final WEO press conference to talk about the main medium-term risk to growth: not enough is being done to support the worldwide growth in productivity.
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International Monetary Fund Survey
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