IMF upgrades global growth outlook, again

The global economy is well on its way to the best year since the 1970s.

That's the robust outlook given Tuesday by the International Monetary Fund as it raised its global economic growth forecast for the second time.

It now predicts the global economy will grow 6 percent this year...a full half-percent more than it predicted less than three months ago.

A booming rebound in the U.S. is leading the charge, thanks to the trillions of dollars in government stimulus thrown at the economy to prop it up during the health crisis and the extraordinary stimulative measures taken by the Federal Reserve.

A solid vaccination rollout in the States is boosting optimism as well.

But, while the recovery appears to be going strong in the U.S., it's looking shaky in other parts of the world, IMF Chief Economist Gita Gopinath said during a press briefing.

"What we are seeing is multi-speed recoveries around the world... So that's why we emphasize that now it's important for countries to take a tailored approach which is specific to where they are in terms of the speed of the recovery and in terms of a country specific characteristics. For instance, how much do you rely on tourism? Because we know that that's going to be affected for a longer period."

Other major developed economies were a laggard in the IMF's new outlook -with growth expectations for Japan, Germany and France barely changed.

As for China, which was the first major economy to bounce-back to pre-crisis levels, the IMF expects it to get a boost from a rise in global exports.

Of course, it is important to remember that the global rebound is coming on the back of last year, which saw the deepest annual global downturn of the post-war era, as governments shut down economies in an effort to contain the health crisis.