Originally posted by the Voice of America. Voice of America content is produced by the Voice of America, a United States federal government-sponsored entity, and is in the public domain. World Economy To Grow At Faster Pace, says IMF VOA News 21 April 2010 A man walks past a collage of copies of Chinese RMBs, US dollars and other foreign bills at a money exchange store in Hong Kong, 15 Apr 2010 Photo: AP A man walks past a collage of copies of Chinese RMBs, US dollars and other foreign bills at a money exchange store in Hong Kong, 15 Apr 2010 The International Monetary Fund says the global economy will probably grow 4.2 percent this year, after recovering from the severe recession. That growth rate is a bit faster than earlier predictions. IMF experts say the recovery will be led by China's roaring 10-percent expansion. The United States will grow more slowly (3.1 percent), but will expand faster than Europe's one-percent growth. The global lender says government efforts to stimulate the economy were helpful, but it warns that soaring government budget deficits could hurt growth in the future. The report's authors say stimulus efforts for this year probably should continue, but that many nations will have to cut spending next year.  The IMF says that to maintain global growth, it is necessary for nations with large trade deficits, like the United States, to cut demand, while countries like China, with large trade surpluses, should stimulate domestic demand.  The IMF also is calling for better regulation of the financial industry, including requiring banks to keep larger reserves to cover investments that go sour.  .