The International Monetary Fund expects global growth of 2.9 per cent this year, above its spring forecast of 2.8 per cent released in early May, a German government source said today.
The source said the IMF expected the world economy to grow 4.1 per cent in 2003, above its previous forecast of 4 per cent.
The IMF expects growth in the euro zone of 1.3 per cent this year and 2.9 per cent next, with growth in the United States seen at 2.7 per cent this year and 3.5 per cent in 2003, the source said.
The average price of oil was seen at $23 per barrel in 2002, falling to $22 per barrel in 2003.
