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IMF cuts 2015-16 world growth forecast

Oct 21, 2014

The International Monetary Fund on Tuesday sharply cut its 2015-2016 world growth forecast of only six months ago, saying lower oil prices did not offset pervasive weaknesses around the globe. The IMF said poorer prospects in China, Russia, the euro area and Japan will hold world GDP growth to just 3.5% this year and 3.7% in 2016. The forecasts were lower than the 3.8% and 4% growth for 2015 and 2016 respectively given in the previous World Economic Outlook in October. The cut underscored the steady deterioration of the economic picture for many countries, due to sluggish investment, slowing trade and falling commodity prices.

 

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