June 24, 2006	Saturday	Jumadi-ul-Awwal 27, 1427

MADRID, June 23: The head of the International Monetary Fund predicted here on Friday that the world economy would grow 5.0pc this year and next, an upward revision from the IMF’s previous forecasts of 4.9pc in 2006 and 4.7pc in 2007.

Despite high oil prices and imbalances in global momentum, the world economy “will be growing at 5.0pc in 2006 and will continue with a similar rhythm in 2007,” said IMF Managing Director Rodrigo Rato.

“I think the world is really in an expansionary phase,” he told African representatives at a meeting to prepare for the annual session of the IMF and World Bank in Singapore in Sept.—AFP