IMF Cuts Global Growth Forecast to 3.4% in Year of ‘Great Challenges’

January 19, 2016 10:01 AM

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The International Monetary Fund cut its world growth outlook, as the commodities slump and political gridlock push Brazil deeper into recession, plunging oil prices hobble Mideast crude producers, and the rising dollar curbs U.S. prospects.

The global economy will expand 3.4 percent this year, down from a projected 3.6 percent in October, the IMF said Tuesday in a quarterly update to its World Economic Outlook. The Washington-based fund also cut its forecast for growth in 2017 to 3.6 percent, down from 3.8 percent three months ago.

Also read: Ad-Spending Growth to Slow Significantly in 2017

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