The IMF also said that it expects Cyprus's current account deficit to shrink to 3.8 percent this year, compared to 5.3 percent last year and to 2.7 percent in 2018 percent.
The IMF overturned a summer downgrade to forecast the U.S. economy would now grow by 2.2% this year, with total world growth expectations rising 0.1% to 3.6% as a "global cyclical upswing" continued.
In August, the International Monetary Fund had said that the Philippines remained an economic standout amid global uncertainties, supported by robust domestic demand and recovery in exports.
Upward revisions in the eurozone, Japan, emerging Asia, emerging Europe and Russian Federation more than offset downward revisions for the USA and Britain.
The latest World Economic Outlook has upgraded its global growth projections to 3.6 per cent for this year and 3.7 per cent for next-in both cases 0.1 percentage point above our previous forecasts, and well above 2016's global growth rate of 3.2 per cent, which was the lowest since the global financial crisis.
Inflation remains muted in much of the advanced economies, and wage growth is weak.
The IMF said it expected South Africa's economy to grow by 0.7 percent this year, down from an earlier projection of 1 percent given in July.
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The OECD leading indicator, which is created to anticipate turning points in economic activity, projected an upbeat scenario of economic expansion in the countries that represent most of the world's economic output.
The World Bank's growth projection made in June was 7.2% for this year and 7.5% next year.
In the years 2012, 2013 and 2014 it grew at a rate of 5.5 percentage, 6.4 and 7.5 respectively.
Its forecasts for euro area GDP growth were revised by an even wider margin, by two tenths of a point for both 2017 and 2018 to 2.1% and 1.9% each.
Another UN agency, the Economic and Social Council for Asia and the Pacific (ESCAP), also in May, expected this year's growth rate to be 7.1% before raising to 7.5% next year. GST, "which promises the unification of India's vast domestic market, is among several key structural reforms under implementation that are expected to help push growth above 8% in the medium term", it added. It also called for briding the gender gap in accessing social services, finance and education to accelerate growth in developing countries like India.
"Monetary policy will need to stay tight in countries where inflation rates remain well above central bank targets, such as in Argentina and Turkey", the fund warned.
It now predicts growth of 3.6% this year and 3.7% in 2018.