IMF revises up global economic growth to 3.9% for 2010
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Moreover, high unemployment rates, public debts and not-fully-healed financial systems as well as weak household balance sheets in some countries are presenting further challenges to the recovery in these economies.
The IMF said growth in emerging and developing economies is expected to go up to about 6 percent in 2010, following a modest 2 percent in 2009.
"In 2011, output is projected to accelerate further," it said, noting that stronger economic frameworks and swift policy responses have helped many emerging economies to cushion the impact of the unprecedented external shock and quickly attract capital flows.
China, the largest emerging economy, will expand 10 percent this year and 9.7 percent in 2011, much better than previous forecasts, and India is expected to expand 7.7 percent this year and 7.8 percent next year, according to the IMF.
But the IMF also said that within both groups, growth performance was expected to vary considerably across countries and regions, reflecting different initial conditions, external shocks and policy responses.
"For instance, key emerging economies in Asia are leading the global recovery," said the IMF update. "A few advanced European economies and a number of economies in central and eastern Europe and the Commonwealth of Independent States are lagging behind."
Meanwhile, the rebound of commodity prices is helping to support growth in commodity producers in all regions, and many developing countries in sub-Sahara Africa that experienced only a mild slowdown in 2009 are well placed to recover in 2010.
