IMF: Global economy to grow at lowest pace in 11 years
The IMF stated that rising trade barriers and mounting geopolitical tensions are continuously weighing down on global economic growth.
Advanced economies are expected to grow by 1.7% in 2019 and 2020, while developing economies are projected to experience a pickup from 3.9% in 2019 to 4.6% in 2020.
The IMF projected that growth in euro area will slow down to 1.2% this year, following a 1.9% gain in 2018. The growth rate is expected to slightly recover to 1.4% in 2020, meanwhile.
In China, economical growth is projected to slump to %6.1 in 2019 and 5.8% in 2020, marking the slowest growth figures since 1990. The lower projections came in line with the prolonged trade tensions between the US and China.
Meanwhile, the Fund increased its forecasts for Turkey to 0.2% from -2.5% in 2019, citing the moderate recovery the Turkish economy showed in the first half of this year.
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