• Sees 2012 growth at 4.5%
• Revises 2011 growth for advanced economies to 2.5% from 2.2% in October
• Forecast 2011, 2012 growth in emerging and developing countries at 6.5%
• IMF revision of 2011 global forecast due to stronger than expected H2 2010 growth, U.S. tax cuts
• Revises up 2011 U.S. growth to 3.0% vs October forecast of 2.3%, sees 2012 at 2.7%
• Monetary accomodation needs to continue in advanced economies
• Baseline oil price projection in 2011 is $90/ bbl, up from October forecast of $79/bbl
• Maintains euro area growth forecasts for 2011 at 1.5%, rising to 1.7% in 2012
• Urgent measures needed to overcome sovereign, financial troubles in euro area
• Policies needed in emerging markets to prevent overheating, facilitate global economic rebalancing
• Effective size of European Stability Fund should be increased, have a more flexible mandate
• Global financial stability still not assured
• Balance sheet restructuring incomplete globally, leverage is still high
• Essential in some European countries that bank funding is sufficient, goes beyond national backstops
• Credible stress testing in EU banks needed with time-bound plans for recapitalisation and restructuring
• Emerging markets need to watch diligently for signs of sset price bubbles, excessive debt