IMF slashes world growth forecast again

April 12, 2016 1:02 PM

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Obstfeld said both the U.S. and Europe faced a backlash at home against international economic integration — as seen in the rise of euroskeptic parties in the European Union (EU) and the isolationist policies of some U.S. presidential candidates . This trend threatened to halt or reverse 70 years of increasingly open trade, he warned.

The EU's open borders between member countries were also under threat, Obstfeld added, due to both economic pressures and the influx of refugees from the Middle East.

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