Eurozone growth has proved unexpectedly brisk in spite of global economic storms, the International Monetary Fund admitted yesterday, as it conceded that its 2008 forecast would have to be revised significantly higher.

Growth across the 15country bloc would average about 1.75 per cent this year, the IMF said in its latest report on the region. After recent "shocks" unwound, growth would rebound in late 2009 "making for a mild slowdown by the standards of recent history". The tone contrasted with its mood just two months ago, when it had expected just 1.4 per cent growth this year.