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IMF cuts global growth forecasts

FXStreet (Mumbai) - The International Monetary Fund (IMF) revised its global growth forecasts for 2015 again and has warned the world economy is at a brink of a new recession, with downside risks now “more pronounced”.

Global growth for 2015 is projected at 3.1%, down 0.2 percentage points from its July forecast for 3.3% growth. Weaker growth prospects for emerging economies, including China, and a decline in commodity prices as a reason for the revision. The IMF reduced its prediction for global growth in 2016 by the same amount to 3.6%.

IMF kept its forecast for China’s growth to slow to 6.3% in 2016 from 6.8% this year, while revising US 2015 GDP forecasts lower to 2.6% from 2.7% and 2016 GDP forecast to 2.8% from 3.0%.

The Eurozone GDP is seen unchanged at 1.5% in 2015, but the 2016 forecast has been lowered to 1.6% from 1.7%.

The IMF once again said that the Federal Reserve should await firmer signs of inflation before raising rates for the first time in nearly a decade.

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