The International Monetary Fund just released its January 2014 World Economic Outlook.

In the report — titled “Is the tide rising?” — the Fund upgrades its 2014 global growth forecast to 3.7% from the previous 3.6% estimate released in October, with growth accelerating to 3.9% in 2015.

IMF forecastsIMFNew forecasts for the world’s largest economies from the IMF’s January 2014 World Economic Outlook.

The IMF sees the U.S. economy expanding 2.8% this year after forecasting 2.6% growth in October.

It also now predicts Japan’s economy will grow 1.7% this year, up from its 1.2% estimate in October, and sees Chinese economic growth at 7.5% versus 7.3%.

Growth forecasts for the euro area are 1% in 2014 (up from 0.9%) and 1.4% in 2015 (up from 1.3%).

The outlook stresses the risk of “very low inflation” in advanced economies and asserts that those countries should keep monetary policy accommodative.

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