Europe's recovery is spilling over to rest of world

Frankfurt

THE global economy can thank Europe's robust growth for the improving outlook, according to the International Monetary Fund (IMF). Forecasting 2.4 per cent expansion in the region this year, up from 1.7 per cent in 2016, the Washington-based lender said that the brighter prospects accounted for the bulk of an upward revision to its global outlook published in October. It also said that the difference in growth rates within the 19-nation euro area is the lowest in nearly two decades.

"This recovery in many countri…