IMF downgrades global economic growth forecast

IMF downgrades global economic growth forecast

The International Monetary Fund is downgrading its forecast for global economic growth, saying that falling commodity prices and jumpy financial markets have raised global risks.

The IMF said the world economy will grow 3.1% this year, down from a July forecast of 3.3% and the slowest pace since the recession year 2009.

The report is being released in advance of the IMF-World Bank annual meetings this week in Lima, Peru.

The report predicts the United States will grow 2.6% this year, up from a July forecast of 2.5%.

Emerging market economies, hurt by tumbling raw materials prices, will grow 4%, it said.

The IMF left unchanged its forecasts for growth in the 19 countries that share the euro currency (1.5%) and China (6.8%).

More in this Section

UK stock markets pause for breath after plummeting on coronavirus fearsUK stock markets pause for breath after plummeting on coronavirus fears

UK warned it faces ‘tough road ahead’ as red lines drawn ahead of trade talksUK warned it faces ‘tough road ahead’ as red lines drawn ahead of trade talks

Battle lines drawn for Brexit trade talksBattle lines drawn for Brexit trade talks

Capitalism in need of rethink, Bank of England chief economist saysCapitalism in need of rethink, Bank of England chief economist says


Lifestyle

Cork actor Eanna Hardwicke may have grown up with a Young Offenders star, but he is set to make a name for himself with a string of big roles, writes  Esther McCarthyEanna Hardwicke: Cork actor about to burst onto the big screen

Should we be putting haemorrhoid cream around our eyes? Short answer... Absolutely not.The Skin Nerd: Are celebrity skincare tips all a load of Bullocks?

Peter Dowdall reports on how Blarney Castle's famous yew has bewitched onlookers for six centuriesBewitched: Help Ireland's most popular tree get the vote in Europe

Kya deLongchamps advises us to research, plan and keep our heads during online auctionsHow to keep your head during an online auction

More From The Irish Examiner