IMF ups projection for US growth in 2013

The IMF expects the global economy will grow 4.1 percent next year, compared to 3.5 percent this year. The IMF anticipates Europe will grow just 0.9 percent — both up 0.2 percent from January projections for 2013.

The IMF has said it is heartened by steps Europe has taken to contain its debt crisis, but IMF Director Christine Lagarde has warned that "risks remain high [and] the situation fragile."

Beyond addressing the immediate crisis, the IMF has called on established economies to take steps over the medium term to whip their budgets into shape, but cautioned that those steps should not be so extreme as to endanger the fragile recovery.