The International Monetary Fund has raised its forecast for global economic growth this year from four per cent to 4.5 per cent. It said the world economy grew strongly in the first part of this year, mainly due to robust growth in Asia. Developed economies maintained a modest but steady recovery in the same period. But it warned risks had increased and there had been a setback in progress towards financial stability. IMF raises concern over the sustainability of government finances in the developed world, especially Greece and others in Europe and argued that these were the major threat to global recovery. It said governments should focus on improving their finances, but warned them not to make cutbacks too rapidly.