IMF RAISES GROWTH FORECAST FOR GLOBAL ECONOMY

The International Monetary Fund on Tuesday raised its projections for global economic growth in 2021, the second time it has done so this year.

The IMF joins a number of private and public sector groups that have lifted their estimates for growth in the world's gross domestic product. Many of those revisions have come as faster growth is seen for the U.S., which is the world's largest economy. The Federal Reserve raised its estimate for U.S. GDP growth in mid-March to 6.5% in 2021, compared with its 4.2% forecast issued in December.

The international organization now forecasts the world economy will grow at a 6% annual rate, an increase from its January upgrade to 5.5% from the prior 5.2%. The IMF projects growth in the U.S. this year to be 6.4%.