Global Growth Slows
Europe can’t escape its recession, America can’t seem to latch onto a real “recovery,” and even China is showing signs of slowing down.
Add it all up and the International Monetary Fund’s forecast for global economic growth has been trimmed from 3.2 percent to 2.9 percent.
“Global growth is in low gear, ” the fund noted this week.
According to the IMF, America’s economy will grow this year at a 1.6 percent pace – down from July’s 1.7 percent estimate. Meanwhile the European economy will shrink by 0.4 percent. The biggest loser? India – which has seen its original 5.6 percent growth forecast dropped all the way to 3.8 percent.
The fund also revised its 2014 estimate of 2.8 percent growth in America downward to 2.6 percent. Global growth for the coming year was also revised downward – from 3.8 to 3.6 percent.