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IMF: Global recovery on firmer footing, wage growth remains sluggish

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The global economic recovery is on firmer footing as improving growth in China, Europe and Japan offset the downward revision for the United States, the International Monetary Fund said Sunday.

However, wage growth remains sluggish which risks increasing tensions that have pushed some countries toward more anti-global policies, the IMF warned in the latest update of the World Economic Outlook.

Efforts to scale back financial regulations put in place since the 2008 crisis could also erode stability, the report said. The fund still expects the global economy will grow by 3.5 percent in 2017 and 3.6 percent in 2018, the same as in the April WEO.