Global growth forecast cut from 3.2% to 2.9%: IMF
The global economy should register a growth rate of 2.9 per cent this year, below the 3.2 percent recorded in 2012, according to the International Monetary Fund's latest World Economic Outlook.
The 2013 forecast was 0.3 percentage point below the July forecast. The IMF said next year the global GDP should expand 3.6 per cent.
The 4.5 percent growth is forecast for the emerging market and developing economies, and 1.2 percent for the advanced economies.
Overall, growth in emerging market and developing economies is expected to remain strong at 4-5 percent in 2013-14, supported by solid domestic demand, recovering exports, and supportive fiscal, monetary and financial conditions. Commodity prices will continue to boost growth in many low-income countries, including those in sub-Saharan Africa. But economies in the Middle East and North Africa, Afghanistan, and Pakistan region will continue to struggle with difficult economic and political transitions.