Thu | Sep 21, 2017

IMF lowers forecasts for world economy

Published:Tuesday | April 12, 2016 | 4:25 PM

The International Monetary Fund (IMF) has once again lowered its forecasts for the world economy.

The IMF's latest World Economic Outlook now predicts global growth of 3.2 per cent this year and 3.5 per cent in 2017.

Launching the report, the agency's chief economist, Maurice Obstfeld, described the pace of growth as "increasingly disappointing".

The downgrades reflect what Obstfeld calls a widespread slowdown across all types of economies.

He said it left the world economy more exposed to negative risks.

Before the latest downgrade, the IMF had expected global growth of 3.4 this year and  3.6 per cent next year.