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IMF trims global growth forecasts on Brexit vote

by ChemOrbis Editorial Team -
  • 20/07/2016 (14:26)
According to media reports, the International Monetary Fund has trimmed its global growth forecasts for the next two years on Tuesday, citing uncertainty following the UK’s exit from the EU as the main reason behind its decision. The Fund claimed that this uncertainty stems from the possibility of a knock-on effect among European Union countries after UK’s exit from the union.

IMF has cut its World Economic Outlook forecasts for the fifth time in 15 months and also added that it expects global GDP to grow 3.1% this year and 3.4% in 2017, indicating a 0.1% drop from April’s expectations. However, the UK is still expected to be ranked as the second fastest growing economy in the G-7 consisting of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom this year.

The Fund stated that the global recovery also stepped back following the UK’s decision despite recent improvements in Japan and Europe as well as a slight recovery in commodity prices. IMF had initially lifted its eurozone growth forecast for 2016, but it cut its 2017 outlook by 0.2% to 1.4% for the next year.
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