"The global economy continued to expand at a brisk pace in the first half of 2007," the IMF said, in a revision of its World Economic Outlook (WEO) published in April.

"The major upward revisions have been for emerging market and developing countries, with growth projections substantially marked up for China, India and Russia," the IMF said in a statement.

China was expected to see growth of 11.2 percent in 2007, 1.2 percentage points higher the forecast in April. India's pace was put at 9.0 percent and Russia's at 7.0 percent, both revised upward 0.6 point.

For the United States, the world's biggest economy, which grew a tepid 0.7 percent in the first quarter, the IMF said it now expects growth of 2.0 percent this year, 0.2 percentage points lower than projected in the April WEO.

"Although growth in the United States slowed in the first quarter, recent indicators suggest that the economy regained momentum in the second quarter," the Washington-based financial institution said, predicting a "return to potential by mid-2008."

The US forecast for 2008 was left unchanged at a 2.8 percent pace.

Growth projections for Japan, the second-biggest economy, were raised for both years, to 2.6 percent in 2007, up 0.3 percentage point, and to 2.0 in 2008, up 0.1 point.

The 27-nation eurozone was seen expanding at a faster clip of 2.6 percent this year and 2.5 percent in 2008, up 0.3 point and 0.2 point, respectively.

The upward revision was driven by Germany, Europe's largest economy, seen as growing 2.6 percent in 2007 and 2.4 percent in 2008, up 0.8 point and 0.5 point respectively.

Downside risks to the favorable outlook remain modest, with inflation "generally well contained," despite rising oil and food prices, the IMF said.

Inflation pressures were being particularly felt in some emerging market and developing countries.

The IMF forecast a 2.0 percent rise in consumer prices in the advanced economies in 2007, up 0.2 points, and a 5.7 percent increase in emerging market and developing countries.