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IMF cuts world growth forecast, only China, eastern Europe look good
THE International Monetary Fund (IMF) said it now expects the world economy to grow 3.2 per cent this year, 0.2 per cent lower than January's forecast.
Only in China and developing eastern Europe was the outlook better with 6.5 per cent growth predicted. Yet the IMF said China was still on track for a significant slowdown.
In its third cut to the outlook in six months said the global economy faces threats from weak growth and rising protectionism, warning of "possible" severe damage should Britain quit the European Union.
And it pointed to the contractions in large emerging market economies, most notably Brazil, where the economic downturn has been accompanied by political crisis.
The Washington based IMF is a grouping of "188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world," according to its mandate.
Only in China and developing eastern Europe was the outlook better with 6.5 per cent growth predicted. Yet the IMF said China was still on track for a significant slowdown.
In its third cut to the outlook in six months said the global economy faces threats from weak growth and rising protectionism, warning of "possible" severe damage should Britain quit the European Union.
And it pointed to the contractions in large emerging market economies, most notably Brazil, where the economic downturn has been accompanied by political crisis.
The Washington based IMF is a grouping of "188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world," according to its mandate.
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