The International Monetary Fund has lowered its forecast for global economic growth for 2015 and 2016. In its latest quarterly global outlook, released Monday night, the IMF pegged growth this year at 3.5 percent, compared with its previous estimate of 3.8 percent last October. For 2016, the global economy is projected to expand by 3.7 percent, down from 4 percent in October.
This is the most the IMF has cut its global economic growth forecast in three years, Bloomberg reports. "The world economy is facing strong and complex crosscurrents," says Olivier Blanchard, the IMF's chief economist. "On the one hand, major economies are benefiting from the decline in the price of oil. On the other, in many parts of the world, lower long-run prospects adversely affect demand, resulting in a strong undertow."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
What happened to Air India Flight 171?Today's Big Question Preliminary report reveals 'fundamental reason' why jet crashed, but questions remain about whether it was 'deliberate, accidental or if a technical fault was responsible'
-
Why the world's busiest shipping routes are under threatThe Explainer Political tensions, mega ships and global warming offer new challenges – and opportunities
-
Bangkok: the new 'international capital of fine dining'The Week Recommends Six Bangkok restaurants rank among the world's best
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
-
Los Angeles city workers stage 1-day walkout over labor conditionsSpeed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billionSpeed Read
-
Bangladesh dealing with worst dengue fever outbreak on recordSpeed Read
-
Glacial outburst flooding in Juneau destroys homesSpeed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creatureSpeed Read
