The IMF projected the global economy will grow 3.2 percent in 2024, unchanged from its previous April forecast.

The IMF upgraded its growth forecast for China this year to 5 percent and India’s economy is now forecast to expand 7 percent.  The Eurozone is also showing signs of recovery, it said.

For Japan, the organization lowered its 2024 growth estimate by 0.2 points to 0.7 percent, because of temporary production suspensions at some automakers and weak private investment in the first quarter of this year. 2024 economic growth was put at 2.6 percent for the United States, down 0.1 point from the April forecast.