Business Maverick: IMF Cuts Global Growth Forecast Again as ‘Missteps’ Fuel Concern

The world economy will expand 3.2% this year and 3.5% next year, both down 0.1 percentage point from April projections, the fund said in its latest quarterly World Economic Outlook released Tuesday in Washington. A rate of 3.3% or lower would be the weakest since 2009. The IMF also slashed expectations for growth in the global volume of trade in goods and services, reducing its estimate by 0.9 point to 2.5% in 2019.

The warnings about the brittle state of the world economy follow weaker readings on China’s growth and come just before U.S. GDP data due this week, which are forecast to show growth cooled in the second quarter. “The principal risk factor to the global economy is that adverse developments — including further U.S.-China tariffs, U.S. auto tariffs, or a no-deal Brexit — sap confidence, weaken investment, dislocate global supply chains, and severely slow global growth below the baseline,” the IMF said.The IMF cut China growth estimates to 6.2% this year and 6% next year, both down 0.1 percentage point. Second-quarter GDP data released last week showed a deceleration to 6.

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