IMF Slashes Global Growth Forecasts

The International Monetary Fund is out with its latest forecasts for global GDP growth, and they are lower than the estimates published by the Fund in April.

The IMF lowered its 2013 global GDP growth forecast to 3.1% from 3.3%.

2013 U.S. GDP growth estimates were revised down to 1.7% from 1.9%.

The IMF expects euro area GDP to contract 0.6% in 2013, downgraded from the previous estimate of a 0.3% contraction.

2014 global growth forecasts were revised down to 3.8% from 4.0%, while 2014 U.S. growth was revised down to 2.7% from 3.0%, and euro area growth was revised down to 0.9% from 1.1%.

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