Sometimes a few fractions of one percentage point make all the difference.
A year ago the International Monetary Fund predicted the global economy would grow at an average annual rate of 3.65 per cent between 2017 and 2021. This October it raised that forecast fractionally to 3.7 per cent. Almost no change in the most authoritative global economic forecast has, however, coincided with a sea change in optimism.
Lamenting a “mediocre” world outlook in late 2016, Christine Lagarde, head of the IMF, now talks of a period when countries must not “let a good recovery go to waste”.
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