The World Bank raised its growth outlook for the global economy this year to three-point-one percent from two-point-nine percent.

The bank attributed the upgrade to a recovery in investment in the U.S. and other advanced countries and increasing exports of raw materials from countries such as Brazil and Russia. 

The previous estimate was released in June. 

According to the World Bank's Global Economic Prospects report on Tuesday, the bank maintained its growth outlook for emerging countries at four-point-five percent this year, and raised its estimates for 2019 and 2020 to four-point-seven percent. 

Among emerging nations, China is predicted to expand six-point-four percent this year, while India is projected to grow seven-point-three percent.