International Monetary Fund upgrades China's growth forecast

The IMF also said "inflation in 2017 is expected to remain at double-digit levels in a few large economies in sub-Saharan Africa (for example, Nigeria, Angola, Ghana), reflecting, among other factors, the pass through of large depreciation".

The IMF warned too that emerging market and developing economies remained at risk from a more rapid rise in interest rates, a large appreciation in the US dollar and lower commodity prices.

The International Monetary Fund offered a sunnier outlook for the global economy in 2017, predicting growth of 3.5 per cent this year.

"Aside from the conjectural policies and uncertainties, a distinct threat comes from the growth in advanced economies of domestic political movement, skeptical of the global economic integration", IMF chief economist Maurice Obstfeld said. It also raised its forecast for 2018 growth to 3.0%, up from just 2.1%.

"Though highly uncertain, medium-term growth prospects have also diminished in the aftermath of the Brexit vote because of the expected increase in barriers to trade and migration, as well as a potential downsizing of the financial services sector amid possible barriers to cross-border financial activity", the International Monetary Fund added. Commodity prices, particularly crude oil, which plummeted to historic lows in the first few months of 2016, seem to be on the rebound, according to the report.

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May's Conservatives now hold 330 of the 650 seats in the House of Commons. The election gives the British people the chance to change direction.

Now, Lagarde and others say, the outlook was brightening as China's economy had steadied, thanks to government spending and an easy-money credit boom.

"Political uncertainty as elections approach in several countries, coupled with uncertainty about the European Union's future relationships with the United Kingdom, is expected to weigh on activity".

Oil prices have surged almost 40 per cent in the past year, partly because oil-producing countries agreed to curb production.

"Malaysia's diversified economy, along with exchange rate flexibility, has buffered the real economy from the commodity price shock, while deep financial markets have helped absorb global financial market volatility".

The IMF's estimate for worldwide economic growth is 3.5 per cent for this year and 3.6 per cent for 2018, up from 3.1 per cent last year. In the medium term, however, demographic headwinds and weak trend productivity are likely to restrain growth, it added.

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