IMF revises down global growth projections

Washington, January 21 

The IMF today lowered its global growth projections for 2019 and 2020 to 3.5% and 3.6%, respectively, citing slowdown in several advanced economies around the world more rapidly than previously anticipated.

The revised global growth rates are 0.2 and 0.1% point below the IMF’s previous projections made three months ago.

“Global growth in 2018 is estimated to be 3.7%, as it was last fall, but signs of a slowdown in the second half of 2018 have led to downward revisions for several economies. Weakness in the second half of 2018 will carry over to coming quarters, with global growth projected to decline to 3.5% in 2019 before picking up slightly to 3.6% in 2020,” the IMF said in its World Economic Outlook update.

IMF chief economist Gita Gopinath said global growth is weakening at a faster than expected pace and the risks have escalated.

The Indian-American economist, who jointed the IMF this month, also said political risks are very important and leaders must act immediately to check any unhappiness over growing challenges.— PTI