Economic traction still elusive as growth slows

The IMF published its biannual World Economic Outlook last week and it makes for rather disappointing reading. Yet again, expectations that there would be a pick-up in the pace of global growth have failed to be realised.

Indeed, the IMF has cut its projection for global growth this year to 3.1%, which would be the weakest rate since the world economy hit recession in 2008-09. It also lowered its growth forecast for next year.

As the IMF itself remarked, six years after the world economy emerged from the deepest recession of the post- war era, “the holy grail of a robust and synchronised global expansion remains elusive”.