IMF foresees modest but uneven economic growth in 2015
According to the IMF, advanced economies will grow 2.4% this year after expanding 1.8% in 2014 and the growth rate will be stable in 2016. The IMF downwardly revised its forecast for the US economy to 3.1% from the IMF’s previous growth estimate of 3.6%. US economic growth will also slow to 3.1% from 3.3% in 2016, according to the IMF.
For eurozone countries, the IMF increased their growth forecasts for this year and 2016, pointing to lower oil prices, low interest rates and a weaker euro as factors supporting the region’s economic growth. Accordingly, the eurozone economy will grow 1.5% in 2015 compared to the fund’s previous estimates of 1.2%. The IMF’s forecasts for 2016 were also increased to a growth rate of 1.6% from 1.4%. The IMF kept its growth forecasts for the UK at 2.7% this year, but the fund cut its estimate to 2.3% for 2016.
In Asia, the Indian economy will outpace the Chinese economy with a growth rate of 7.5% in 2015 and 2016, according to IMF. Projections for Chinese economy have been kept at 6.8% this year and 6.3% for next year.
Meanwhile, IMF cut their 2015 economic growth forecast for Turkey. The IMF forecast 3.1% growth for the Turkish economy this year, down 0.3% from the fund’s previous estimates reported in February 2015. However, the IMF raised their forecast for Turkish economic growth to 3.6% from 3.4% for 2016.
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