The International Monetary Fund (IMF) has downgraded its world economic growth forecast yet again and warned of a backlash against cross-border economic integration in richer countries.
In its latest World Economic Outlook, the organization said Tuesday that it now saw the global economy growing by only 3.2 percent this year — 0.2 percentage points down on its January forecast, 0.4 percentage points lower than its estimate from October 2015 and 0.6 percent points down on its forecast from July.
It also cut its global growth estimate for 2017 to 3.5 percent, down from the 3.6 percent forecast in January.”Global growth continues, but at an increasingly disappointing pace that leaves the world economy more exposed to negative risks.
Growth has been too slow for too long,” IMF Chief Economist Maurice Obstfeld told a media conference on Tuesday, according to prepared remarks.
The IMF downgraded the outlook for all major advanced economies, including the U.S., Canada, the euro area, the U.K. and Japan.