Washington — The International Monetary Fund said Tuesday the global recovery "has broadly strengthened" and will "improve further" in 2014, but it trimmed its growth forecast amid a sharp rise in Japan's sales tax and a slowdown in emerging markets.
The IMF's growth forecast for the U.S. was unchanged at 2.8% — highest among advanced economies, which it said are driving the faster global expansion.
Stronger U.S. growth this year and next will help the world economy withstand weaker recoveries in emerging markets including Brazil and Russia, the International Monetary Fund said.
The eurozone economy recently began expanding following the Great Recession and is projected to grow 1.2% this year, up from the IMF's 1.1% forecast in January.
Emerging markets such as China, Brazil, India and Russia are expected to expand by 4.9% this year, up from 4.7% in 2013, and contribute more than two-thirds of global growth.
The fund called the downgrade of growth rates in large emerging market economies such as Brazil, Russia, South Africa and Turkey a "worrying development". It blamed domestic policy weakness, tighter domestic and external financial conditions, or investment and supply constraints for the tepid outlook.
Turkey's growth forecast, meanwhile, was cut down to 2.3 from 3.5.