As recently as July this year, the IMF predicted world-wide growth next year would be 2.5%. Now, in a report published yesterday in its World Economic Outlook, the Fund has revised its forecast to 3.1%. But don’t pop the bubbly just yet: The global body believes the numbers are mostly due to aggressive crisis management in the US, Asia and Europe (and kudos to them) rather than the result of a natural process of emerging from recession. The global economy is still very vulnerable to crises. The numbers also need to be seen country by country to appreciate the real picture: China is expected to grow 9%, the US 1.5% and the Eurozone only 0.3%.