IMF: World growth slowing to rate not seen since financial crisis

IMF pins blame for slashed growth forecast on US-China trade war, warning of further deterioration if tensions fester.

‘To rejuvenate growth policymakers must undo the trade barriers put in place with durable agreements, rein in geopolitical tensions and reduce domestic policy uncertainty,’ IMF Chief Economist Gita Gopinath said on Tuesday [File: Rodrigo Garrido/Reuters]

The ongoing trade war between the United States and China will cut 2019 global economic growth to its slowest pace since the 2008-09 financial crisis, the International Monetary Fund (IMF) warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved.

The IMF said its latest World Economic Outlook projections show 2019 global economic growth at 3 percent, down from its July forecast of 3.2 percent, thanks in large part to increasing fallout from global trade friction.

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