IMF: World on verge of recession

The world is on the verge of another recession, according to the International Monetary Fund.

It has revised down its global growth forecast for the year to just 3.1%.

That is the lowest figure since 2009, and just above the number economists consider to be a downturn.

The IMF's chief economist Maurice Obstfeld says everything is hinging on China.

"What happens in China has repercussions for the entire world economy, these repercussions are greater in countries that trade with China or that depend on exports which China consumes very intensively."