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IMF lowers global growth forecasts again for 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 07/10/2015 (13:48)
According to media reports, the International Monetary Fund (IMF) cut their global growth forecast again for 2015 due to economic deceleration in emerging countries stemming from lower commodity prices, adding that in the near term, the global economy will be under higher downside risk than they had expected in July. According to the IMF, the global economy will grow 3.1% this year, down from its previous estimate of 3.3% in July and from last year’s growth rate of 3.4%. For 2016, meanwhile, the fund also lowered its growth forecast to 3.6%, down from July’s estimate of 3.8%.

The IMF kept its growth estimates unchanged for China at 6.8% for this year and 6.3% for 2016, while revising up its projections for the US economy to 2.6% from its July growth forecast of 2.5%. However, the IMF cut its growth projections for the US for 2016 economic growth to 2.8% from its previous estimate of 3%.

In addition, for the Japanese economy, the fund expects to see a growth rate of 0.6% this year and 1% next year while the eurozone economy will expand 1.5% in 2015 and 1.6% in 2016, stable compared with its July forecasts.

The fund thinks that emerging economies will experience the fifth consecutive economic slowdown in 2015. The Russian economy will slow at a faster pace than expected, growing by 3.8% this year while Brazil’s economy will also slow to 3% this year and 1% in 2016. For Turkey, meanwhile, IMF expects the ecounty’s gross domestic product (GDP) to increase by 3.0% this year, down from its earlier estimate of 3.1% in July.
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