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IMF cuts global growth forecasts for 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/07/2015 (12:01)
According to media reports, the International Monetary Fund (IMF) cut their global growth forecast for 2015 due to weak US economic growth in the first quarter, the persistently slowing Chinese economy as well as the ongoing Greek debt crisis. According to the IMF, the global economy will expand 3.3% this year, down from its previous estimate of 3.5% in April and from last year’s growth rate of 3.4%. For 2016, meanwhile, the fund kept its growth forecast steady at 3.8%.

The IMF also left its growth estimates for China and the eurozone economies at 6.8% and 1.5%, respectively, while lowering its projections for the US economy to 2.5% from its April growth forecast of 3.1%. The fund also reported that a contraction in the US economy in the first three months will hinder the economic growth rates of both Canada and Mexico, for which the fund revised down its 2015 growth estimates to 1.5% and 2.4%, respectively. For India, however, the IMF foresees a stronger growth rate for 2015, predicting that India will expand by 7.5% after growing by 7.4% in the previous year.

In addition, for advanced economies, the IMF expects a growth rate of 2.1%, down from April’s 2.4% prediction. Emerging markets, meanwhile, will grow 4.2% this year compared with the previously estimated growth rate of 4.3%.

The IMF also predicted that the US Federal Reserve will delay raising its interest rates until the first half of 2016.
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