Slightly stringer global growth accompanied by an improvement in domestic economy will likely push India's economic growth to 5. 4 per cent this year, according to the latest edition of the World Economic Outlook report the International Monetary Fund (IMF).

In the recently released report, the IMF said that India's improving exports, implementation of approved massive investment projects accompanied by stronger global economic growth would help the Asian economy attain a higher growth.

The IMF's World Economic Outlook report said, "India's growth is expected to recover from 4.4 per cent in 2013 to 5. 4 per cent in 2014, supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects."

An improvement in exports and decline in gold imports has contributed to dragging down India's current account deficit (CAD) significantly. On the other hand, bold policy measures bolstered capital flows into the country.

China will likely see its economic growth remaining broadly unchanged at around 7.5 per cent in 2014-15; but some of the leading emerging economies like Brazil, Turkey and South Africa are expected to suffer downturns in their growth rates.

Israel's economic growth is expected to jump slightly from 3.2 per cent this year to 3.4 per cent in 2015. The IMF underlined that threat from the Ukraine crisis and the slowdown in some leading emerging economies could hurt the global economic growth.