The International Monetary Fund on Tuesday lowered its forecast of global economic growth over the next two years amid the deepening slowdown in emerging markets and a continued slump in oil prices.
The IMF now projects the world economy will grow 3.4 percent this year and 3.6 percent in 2017. That pace would be faster than last year, but the projections are 0.2 percentage points lower than the IMF estimated in the fall — a sign that the global recovery is still struggling to build momentum.
“Growth expectations seem to fall consistently,” said Maury Obstfeld, economic counsellor at the IMF. “I think the year coming is going to be a year of great challenges.”