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The International Monetary Fund (IMF) released its World Economic Outlook on Tuesday. The IMF said that global growth will be driven in 2015 as advanced economies will benefit from lower oil prices. The lender added that macroeconomic risks have decreased, but financial and geopolitical risks have increased.
The global economy will expand by 3.5% in 2015, according to the IMF.
The global growth forecast for next year was upgraded to 3.8% from 3.7%.
The lender upgraded its growth forecast for the Eurozone for 2015 to 1.5% from 1.2%. The growth forecast for 2016 was also upgraded to 1.6% from 1.4%.
The IMF downgraded its growth forecast for the U.K. for 2016 to 2.3%.
The U.S. economic growth forecast for 2015 was cut to 3.1% from 3.6%, while the forecast for 2016 was also lowered to 3.1% from 3.3%.
The growth forecast for Japan was raised to 1% in 2015 and 1.2% in 2016.
China's economy is expected to expand 6.8% this year and 6.3% next year.
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