Banc of America Securities-Merrill Lynch Research has raised its global economic growth forecast for 2010 to 3.7 percent from 3.2 percent, driven by signs of recovery in the United States and China.

The global economy is expected to emerge slowly from recession, with emerging markets — such as China and India — likely to show the most pronounced signs of recovery in 2010, according to the report today from the global investing and research arm of Bank of America Corp.

The U.S. economy is expected to grow 2.6 percent in 2010, compared with a previous estimate of 1.8 percent, Banc of America Securities-Merrill Lynch Research economists said in a news release. Growth is expected to be supported by government-funded projects, modest consumer spending growth and rebound in inventory investment. A slight pickup in the housing market and an improvement in exports should also support the projected recovery.

Real U.S. GDP in 2009 is expected to fall by 2.1 percent, compared with the previous forecast of a 2.4 percent contraction, on slightly higher spending specifically related to fiscal stimulus, a bottom in home building and the inventory cycle.

China is expected to post growth of 9.6 percent in 2010, up from a previous forecast of 8.3 percent, underpinned by government stimulus packages and a recovery in exports. The forecast for 2009 Chinese growth remains at 8 percent amid signs that Chinese domestic demand is driving Asia’s export recovery.

The International Monetary Fund (IMF) also said today that the global economic rebound next year will be stronger than it forecast in April, as the financial system stabilizes and the pace of contractions from the United States to Japan moderates, Bloomberg reported.

The IMF said in a revised forecast that the world economy will expand 2.5 percent next year, compared with its April projection of 1.9 percent growth. A contraction this year will be 1.4 percent, worse than an April forecast for a 1.3 percent drop, the IMF said.