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IMF lowers global growth forecasts again for 2016, 2017

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/04/2016 (17:35)
According to media reports, the International Monetary Fund (IMF) cut their global growth forecasts for the fourth time in a year, lowering their forecast for 2016 to 3.2% and for 2017 to 3.5%, down 0.2% and 0.1%, respectively, from January’s estimates. The fund attributed its weaker forecasts to a global economic deceleration stemming from a slower Chinese economy, the ongoing effects of low oil prices and political risks such as Britain’s possible exit from the EU.

For 2016, the IMF revised its projections for Japanese economic growth downward to 0.5% while the fund expects to see a growth rate of 2.4% in 2016 for the US economy, down 0.2% from earlier forecasts. Meanwhile, Brazil’s economy is expected to shrink by 3.8% compared with a previous forecast calling for a 3.5% contraction. However, the IMF slightly revised its growth forecast for China upward to 6.5% in 2016 and 6.2% in 2017 due to the Chinese government’s recent stimulus moves.

For Turkey, meanwhile, the IMF expects the Turkish economy to grow by 3.8% this year and 3.4% next year, compared with growth forecasts of 3.2% and 3.6% in February, respectively.
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