Organization for Economic Cooperation and Development (OECD) said Tuesday that the global economy is now growing at its fastest pace since 2010, with the upturn becoming increasingly synchronized across countries.
However, it noted that the rebound is "modest" compared with past recoveries.
“With the United States, China and the Eurozone all expected to continue economic growth next year, the global economy should expand by 3.7 percent next year after growing by 3.6 percent this year,” the OECD said.
"Moreover, the prospects for continuing the global growth up-tick through 2019 and securing the foundations for higher potential output and more resilient and inclusive growth do not yet appear to be in place," it warned.
"Strong and sustained medium-term growth is not yet secured."
The Paris-based OECD, which advises its 35 mostly industrialized members on economic policy, called for reforms to encourage business activity, trade and investment.
"A more robust investment upturn is required for a sustained recovery in the advanced economies," it said.
The OECD raised its forecasts for growth in the United States to 2.2 percent this year and 2.5 percent in 2018. It also trimmed its forecast for Britain to 1.5 percent growth this year, but it lifted its outlook for next year to 1.2 percent growth.
“Brazil's recovery is seen as strengthening, with the OECD increasing its forecast to 0.7 percent growth this year, and to 1.9 percent in 2018.”
While India's outlook for 2017 is unchanged at 6.7 percent growth, OECD pointed out and trimmed the forecast for next year to seven percent.
The outlook for Russia's recovery was also trimmed to 1.9 percent growth this year and next.
In this context, the forecast for the eurozone was hiked to 2.4 percent this year while growth is seen as slipping to 2.1 percent next year.
For China, which is not part of the OECD, it held its growth forecasts steady from its previous report in September at 6.8 percent in 2017 and dipping to 6.6 percent in 2018.
It lowered its forecast for Japan to a 1.5 percent expansion this year, but it held steady its forecast of 1.2 percent growth in 2018.