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IMF foresees modest but uneven economic growth in 2015

by ChemOrbis Editorial Team -
  • 15/04/2015 (11:30)
According to media reports, the International Monetary Fund (IMF) is expecting moderate global economic growth this year while adding that expansion will be uneven. The IMF kept its growth forecast for global economy at 3.5% this year while it raised its growth forecasts to 3.8% from 3.7% for 2016.

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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