IMF report sees global economy recovering

US - Although downside risks are rising, the global economy is slowly recovering from a worldwide recession, the International Monetary Fund said Wednesday.

CBS MarketWatch reported the global economy is projected to grow 2.8 percent in 2002 and 3.7 percent in 2003 after an anaemic 2.2 percent in 2001, the IMF said in its semi-annual World Economic Outlook.

Six months ago, the IMF projected global growth at 4 percent in 2003, but falling equity markets, higher commodity prices and unfavourable

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