MARRAKECH, Morocco: The International Monetary Fund (IMF) on Tuesday (Oct 10) cut its growth forecasts for China and the eurozone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the US economy. The IMF left its forecast for global real Growth Domes
The International Monetary Fund logo is seen outside the headquarters building in Washington, US on Sep 4, 2018. MARRAKECH, Morocco: The International Monetary Fund on Tuesday cut its growth forecasts for China and the eurozone and said overall global growth remained low and uneven despite what it called the"remarkable strength" of the US economy.
Gourinchas told Reuters it was too early to say how the major escalation in the long-running conflict would affect the global economy:"Depending how the situation might unfold, there are many very different scenarios that we have not even yet started to explore, so we can't make any assessment at this point yet."
The medium-term outlook is no better. The IMF is projecting growth of 3.1 per cent in 2028, well below the 4.9 per cent five-year forecast it had on the eve of the global financial crisis from 2008 to 2009. "We're not quite there," Gourinchas said in a separate meeting with reporters, adding the IMF was warning monetary authorities not to ease interest rates too soon.
The IMF said uncertainty had narrowed considerably since its April forecasts were released, but there was still more downside than upside risks for 2024. The chance of growth falling below 2 per cent - which has only occurred five times since 1970 - was now seen at 15 per cent, compared with 25 per cent in April.
Gourinchas said"forceful action" was needed in China to clean up the real estate sector and while authorities had taken some steps, more work was needed."If that doesn't happen, then there is a chance that that problem could fester and become worse," he said.
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