The fund's semi-annual World Economic Outlook report revised global growth up to 3.5 percent for this year, one-tenth higher than the January forecast.
"We project the world economy to grow at a pace of 3.5 per cent in 2017, up from 3.1 per cent a year ago, and 3.6 per cent in 2018", Obstfeld said. At the same time, adverse weather conditions and civil unrest threaten several low-income countries with starvation.
With regard to risks to the country's growth, the International Monetary Fund said potential spillovers from lower growth in China or higher global financial volatility will be manageable for the Philippines, owing largely to its economic fundamentals, ample policy space and limited trade and financial linkages with the Asian economic powerhouse.
Maurice Obstfeld, IMF's economic counselor and director of the research department, said on Tuesday that momentum in the global economy has been building since the middle of last year, allowing the IMF to reaffirm its earlier forecasts of higher global growth this and next year.
In its first global growth forecast since Donald Trump took office in the White House, the International Monetary Fund said the long-awaited economic upswing seemed to be now materialising.
The IMF said: "In SA, following the decline in commodity prices and amid perceptions of weakening governance and rising policy uncertainty, economic growth gradually softened and came to a near standstill in 2016". "This improvement comes primarily from good economic news for Europe and Asia, and within Asia, notably for China and Japan", he said. Consumer confidence isn't just strong in the U.S.: It also ticked higher in March in the eurozone, underpinned by a eurozone unemployment rate that in February hit its lowest level since mid-2009.
The anti-trade, anti-immigration attitude in advanced economies is to some degree understandable, given "the failure of growth gains in rich economies to substantially reach those in the lower parts of the income distribution in recent decades", he said.
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"A strengthening of the USA and global economy.allow us to make some positive assumptions about business conditions for the remainder of our fiscal year", said William Furman, chief executive officer of worldwide railroad giant, Greenbriers Company, based in Lake Oswego, Ore.
The warning appears to be aimed at President Trump's "America First" agenda and other protectionist polices.
"Whether the current momentum will be sustained remains a question mark".
Threats to global trade and integration, however, were given the most emphasis by Obstfeld.
He said, however: "We think a better approach than cutting off trade or managing trade heavily is to embrace trade and the productive enhancements it brings, but also to make sure that the people who are negatively affected are not left behind". Projected global growth is set to rise to 3.5% from 3.1%.
The reference to the threats posed by protectionist choices in the United States is clear.
Numerous concerns - including rolling back financial regulation, pulling away from the multilateral trading system and restricting immigration - are centerpieces of US President Donald Trump's policy program, but also are issues visible in the bitter French election campaign, as well as in Britain's planned exit from the European Union.