Europe's recovery is spilling over to rest of world
Years of unprecedented monetary stimulus have helped reduce unemployment and bolster private consumption
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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 countries of Europe is now increasingly solidifying and strengthening," Jorg Decressin, deputy director of the IMF's European Department, said at a briefing for its Regional Economic Outlook published on Monday.
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