LONDON (CNNMoney.com) -- The global economy grew at a stronger-than-expected pace in the first six months of the year, but the risks to recovery have greatly increased, according to the International Monetary Fund.
In an update of its World Economic Outlook, released Wednesday, the IMF raised its growth forecast for 2010 to 4.6% from the 4.2% estimate it made in April.
However, the international organization warned that the risks to recovery have "risen sharply" due to renewed financial turbulence.
It left its 2011 forecast for world growth unchanged at 4.3%.
The IMF said world economic growth exceeded forecasts in the first half of the year, largely driven by expansion in Asia.
But looking ahead, it offered a more dour view.
It cautioned that "recent turbulence in financial markets - reflecting a drop in confidence about fiscal sustainability, policy response, and future growth prospects - has cast a cloud over the outlook."
For 2011, the IMF sees cooling growth in China to 9.6% from 10.5% this year.
In the United States, it predicts growth will slow to 2.9% next year from 3.3% in 2010.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.37%||3.57%|
|15 yr fixed||2.61%||2.67%|
|30 yr refi||3.39%||3.52%|
|15 yr refi||2.64%||2.70%|
Today's featured rates:
Wells Fargo shares closed below $45 on Monday for the first time since early 2014, the latest sign that the fake account scandal is causing real financial damage. More
A new analysis estimates that under Trump's tax plan, roughly 20% of households with children and more than half of single parents would pay more in taxes than they do today. More
Elon Musk says SpaceX successfully tests Raptor engine it plans to use on Mars flights. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Two years before the government pulled the plug on its funding, the for-profit school faced lawsuits over how it misled students about the quality of its programs and job placement rates. More