TOKYO – The International Monetary Fund lowered its forecasts for global growth over the next two years, warning Tuesday that weakness in most major economies will trump gains from lower oil prices. The IMF’s report was released as China reported its slowest growth in 24 years.
The IMF downgraded projections it issued in October by 0.3 percentage point each, predicting global growth at 3.5 per cent this year and 3.7 per cent in 2016.
But even with those reductions, the world economy will be growing faster than in 2014, when the IMF estimates it expanded 3.3 per cent. Much of the momentum …read more