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International Monetary Fund (IMF) has raised its forecast for China’s economic growth in 2018 to 6.6% from 6.5%, according to the latest World Economic Outlook issued by the organization on Jan. 22.

It was the fifth time the IMF has raised its GDP expectations for China.

Prospects for the global economy are looking brighter, particularly in Europe and Asia, said BBC on a Monday.

According to BBC, the new global forecast has growth of 3.9% this year and next. That represents an upgrade of 0.2% for each year. It also constitutes faster expansion than previous years (3.7% and 3.2% in 2017 and 2016, respectively).

The report says 120 economies accounting for three-quarters of global economic activity saw growth last year. That, IMF says, is the broadest synchronized global growth upsurge since 2010.

In addition, the reform points out that tax reforms in the United States are expected to stimulate economic activity, especially business investment.