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IMF to Cut 2019 Global Growth Projection from 3.2 Pct

IMF to Cut 2019 Global Growth Projection from 3.2 Pct

   Washington, Oct. 8 (Jiji Press)--The International Monetary Fund will lower its growth projection for the world economy for 2019 from 3.2 pct, new IMF Managing Director Kristalina Georgieva said Tuesday.
   In a speech delivered before an annual meeting of the IMF in Washington next week, Georgieva warned that the "global economy is now in a synchronized slowdown," due to the trade spat between the United States and China, the world's two biggest economies.
   The IMF's World Economic Outlook report, due out next week, "will show downward revisions for 2019 and 2020," she said. "In 2019, we expect slower growth in nearly 90 pct of the world," Georgieva, who assumed the post on Oct. 1, said.
   The IMF revises its world economic projections every three months. It will be the fifth time in a row since October last year for the Washington-based organization to make a downward revision for 2019.
   Georgieva noted that "there is a softening of economic activity" in advanced economies, including Japan, the United States and the eurozone. The growth projection for the global economy for 2020 will also be cut, from the current 3.5 pct, she said.

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