IMF hikes global GDP forecast
The International Monetary Fund (IMF) increased its 2004 global GDP (Gross Domestic Product) growth forecast to 4.9% from 4.6%. IMF is still forecasting 4.4% growth in GDP for 2005. IMF predicts US economy to grow by 4.4% this year and by 3.8% in 2005; Japan to grow by 4.5% in 2004 and by 2.5% in 2005; and China to grow by 9% in 2004 and by 7.5% next year. IMF also increased its GDP forecast for Euro zone in 2004 to 2% from 1.7%. This year, Euro zone's largest economy Germany will grow by 1.8% and by 1.9% next year.