WASHINGTON -- The International Monetary Fund (IMF) on Thursday downgraded its global economic growth projection to 3.3 percent in 2015 from a forecast of 3.5 percent it made in April.
The weaker-than-expected U.S. economy is the culprit of the lower projection, the fund said in its update of the World Economic Outlook, its biannual flagship report of the world economy.
The U.S. economy's unexpected contraction in the first quarter dragged down growth in neighboring countries such as Canada and Mexico, the Washington-based lender said.
The IMF maintained its projection of the world economic growth in 2016 at 3.8 percent, alerting the global marhe International Monetary Fund (IMF) on Thursday downgraded its global economic growth projection to 3.3 percent in 2015 from a forecast of 3.5 percent it made in April. The weaker-than-expected U.S. economy is the culprit of the lower projection, the fund said in its update of the World Economic Outlook, its biannual flagship report of the world economy.
The U.S. economy's unexpected contraction in the first quarter dragged down growth in neighboring countries such as Canada and Mexico, the Washington-based lender said.
The IMF maintained its projection of the world economic growth in 2016 at 3.8 percent, alerting the global markets face the risks of financial volatility and asset price fluctuations.
Advanced economy would likely to grow 2.1 percent this year, 0.3 percentage points lower than IMF's April projection. Emerging economies are estimated to grow 4.2 percent, down 0.1 percent from the previous estimate.
The U.S. economy would slow to 2.5 percent in 2015 and will pick up to 3 percent in 2016. The Euro Zone economy would grow 1.5 percent and 1.7 percent in 2015 and 2016. The Japanese economy would grow 0.8 percent and 1.2 percent.
