The International Monetary Fund is likely to revise upwards its 2010 growth forecast for the world economy.The reason is that it sees signs that the rate of decline in global output is moderating. So said the IMF’s First Deputy Managing Director John Lipsky, who addressed a business conference in Turkey. However, he warned it was far too early to declare victory, with financial conditions still nowhere near normal and the world economy remaining in recession. Lipsky said the recovery next year will be sluggish, with activity in the world’s advanced economies likely to revive only gradually. He emphasised that policies need to focus on a sustained recovery, starting with reviving the financial sector. The IMF is due to present updated forecasts for the world economy on 7th July in Washington. In its last forecast, issued in April, the Fund projected the world economy contracting by 1.3 percent this year with a rebound to growth of 1.9 percent next year.