The Buzz | IMF says Europe’s recovery is spilling over to rest of world

The global economy can thank Europe’s robust growth for the improving outlook, according to the International Monetary Fund.

Forecasting 2.4 percent expansion in the region this year, up from 1.7 percent in 2016, the Washington-based lender said the brighter prospects accounted for the bulk of an upward revision to its global outlook published in October. It also said the difference in growth rates within the 19-nation euro area is the lowest in nearly two decades.

“This recovery in many countries of Europe is now increasingly solidifying and strengthening,” Jorg Decressin, deputy director of the IMF’s European Department, said at a briefing for its Regional Economic Outlook, published yesterday.

The region has benefited from years of unprecedented monetary stimulus that has helped reduce unemployment and bolster private consumption.