NEW YORK -- The International Monetary Fund (IMF) on Tuesday lifted its global growth forecast in 2025 to 3 percent, 0.2 percentage point higher from its projection in April, according to an update to its World Economic Outlook.

Emerging market and developing economies are now expected to grow by 4.1 percent in 2025, 0.4 percentage point higher than the April forecast, according to the latest update.

Meanwhile, the growth projection for advanced economies has been revised upward to 1.5 percent, compared to the earlier estimate of 1.4 percent.

In particular, growth forecasts for the United States, Euro Area, Japan, Britain, Canada, China, India, Brazil, Mexico, Saudi Arabia and Nigeria were revised upward.

The broad-based upward revision for the year reflects "stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective US tariff rates than announced in April; an improvement in financial conditions, including due to a weaker US dollar; and fiscal expansion in some major jurisdictions," the update said.