The IMF's released a global growth forecast that Chief Economist Olivier Blanchard called a 'substantial improvement' over last year's output:

SOUNDBITE: OLIVIER BLANCHARD, CHIEF ECONOMIST, IMF (ENGLISH) SAYING:

"Put simply, the recovery is strengthening. We forecast real growth to be 3.6% growth this year, 2014. 3.9% next year - up from 3% in 2013."

Blanchard said recovery was strongest in the United States, with the U.K. and Germany also positioned well.

But the forecast signaled a widening gap among countries, with recovery in more advanced nations serving as a double-edged sword for emerging markets:

SOUNDBITE: OLIVIER BLANCHARD, CHIEF ECONOMIST, IMF (ENGLISH) SAYING:

"Stronger growth in advanced economies implies increased demand for their exports and that's clearly good for them but the normalization of monetary policy, however, implies tighter financial conditions and what can be described as a tough financial environment."

The loosening