Private consumption growth kicks in euro
The IMF also slightly improved its forecast for the euro area; in particular, it raised a tenth to 1.7% in 2016 and maintains the same rate for 2017. Germany, the engine of the region will grow 1.7% in 2016 (one tenth more than expected in October) and maintain the same level in the following year (two more than the previous report tenths).
Moreover, France, the second largest economy in the region, has been trimmed its growth forecasts to 1.3% in 2016 (two tenths less) and 1.5% in 2017 (one tenth less), according to the IMF.
Emerging countries hinder growth
The IMF predicts that China will grow this year by 6.3% and 6% in 2017, while also the growth prospects for India will increase at 7.5% per year respectively.
However, the institution slashes its forecasts for the Latin America and Caribbean, showing a fall of 0.3% in 2016, representing a reduction of 1.1 percentage points from the October forecast, while predicts 2017 GDP growth in the region of 1.6%, seven tenths less than before.
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