IMF raises 2010 global growth forecast to 3 percent

PITTSBURGH, September 26, 2009 (AFP) – The International Monetary Fund foresees a stronger than anticipated recovery from the economic crisis, with global growth approaching three percent in 2010, world leaders said Friday. The IMF had estimated in July a global contraction of 1.4 percent in 2009, followed by sluggish growth of 2.5 percent in 2010, but was more upbeat as Group of 20 leaders met in the US city of Pittsburgh.

“The IMF estimates that world growth will resume this year and rise by nearly 3.0 percent by the end of 2010,” the Group of 20 developed and emerging economies said in a final statement to conclude a two-day summit.

Leaders of 19 rich and emerging nations plus the European Union pledged they would work together to help the world economy reach robust growth.

“Our objective is to return the world to high, sustainable, and balanced growth, while maintaining our commitment to fiscal responsibility and sustainability,” the group said.

“We commit to put in place the necessary policy measures to achieve these outcomes.”

Asia-led growth has lifted the world out of the doldrums and France, Germany and Japan have all now officially climbed out of recession with the United States, t