In the October update of its "World Economic Outlook" report, the International Monetary Fund said the Philippine economy, as measured by gross domestic product (GDP), would still grow by 6.6 percent this year, "partly because of stronger-than-expected external demand from China and Europe".
The world's financial watchdog bumped its forecasts for global economic growth this year and next even as it marked down projections for the U.S. and United Kingdom in comparison to the prior set of estimates made in July.
The report projected India to regain the top spot next year with a 7.4 percent gross domestic product (GDP) growth rate.
It said that it now anticipates the United Kingdom economy - which grew at just half the rate of the eurozone's in the second half of this year - to expand by 1.7 per cent in 2017 and by 1.5 per cent in 2018.
The IMF said for 2017, most of its upgrade owes to brighter prospects for the advanced economies, whereas for 2018's positive revision, emerging market and developing economies play a relatively bigger role.
The IMF said it expected South Africa's economy to grow by 0.7 percent this year, down from an earlier projection of 1 percent given in July.
"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research.
The report says the global economy is experiencing a "welcome cyclical upturn after disappointing growth over the past few years".
If Korea does reach an economic growth of 3 percent, it would be the first time since 2014.
AMRO, which earlier projected a 6.8 percent expansion for 2017, noted that "after the boost from elections related spending in 2016, the pace of economic expansion moderated to 6.4 percent in the first half of 2017 as fixed investment decelerated".
"In advanced economies, monetary policy settings should remain accommodative until there are firm signs of inflation returning to targets.(as) still-subdued wage pressures mostly reflect remaining slack, not fully captured by headline unemployment rates", the Fund said.
"While most of the world is sharing in the current upswing, emerging market and low-income commodity exporters, especially energy exporters, continue to face challenges, as do several countries experiencing civil or political unrest, mostly in the Middle East, North and sub-Saharan Africa, and Latin America", said Obstfeld.
The International Monetary Fund (IMF) has delivered an unusually upbeat assessment of the prospects for the global economy, with worldwide growth now at its strongest rate in seven years.
The IMF raised its growth forecast for China but again warned of risks stemming from the build-up of debt in the world's second largest economy.