US Federal Reserve: Global Economy Doing Better, Growing ‘Bit More Strongly’

Despite the global economy is facing "significant risks," it is growing a "bit more strongly," US Federal Reserve Chair Janet Yellen said in a press conference on Monday.

WASHINGTON (Sputnik) — Speaking at a press conference, Yellen said the state of the global economy has improved.

"I think it is fair to say that the global economy is doing better. It is growing a bit more strongly," Yellen stated on the increase of the US interest rate.

Yellen noted, however, that the global economy continues to face "a set of very significant risks" in the medium term.

She also said that the decision of the US Federal Open Market Committee (FOMC) to increase US  interest rate by 25 basis points on Wednesday does not indicate a reassessment of the country’s economic outlook. The FOMC continues to stay on the same course, which involves gradual tightening in the labor market.

"We are talking about a gradual path of removing policy accommodation as the economy makes progress," she stated.

In January, the International Monetary Fund said annual global economic growth will reach a 3.6-percent collective growth in 2018.