- Global economic growth for this year has been revised downwards from 3.4% to 3.3%, according to the International Monetary Fund.
- The IMF attributed "the lion's share" of the downward revision to "a more subdued growth forecast" for India.
- China's growth forecast for 2020 was revised higher by 0.2 percentage points to 6%, while that of the U.S. was marked down by 0.1 percentage points to 2.0%, said the fund.
The International Monetary Fund on Monday released its latest projections for the global economy.
Those forecasts were detailed in an update to the IMF's World Economic Outlook report, which is widely read by both public and private sectors globally.
Here are five charts that show the fund's latest assessments of the world economy.
The IMF has forecast the global economy to rebound to 3.3% this year from an estimated 2.9% last year. However, that projection for 2020 is a downward revision from 3.4% stated in its October 2019 World Economic Outlook.
The fund attributed "the lion's share" of the downward revision to "a more subdued growth forecast" for India.
India's growth markdown
India, Asia's third-largest economy, is expected to grow by 5.8% in 2020 — a 1.2 percentage point markdown from the organization's October forecast.
The IMF said India's "domestic demand has slowed more sharply than expected" amid stresses in the financial sector and a decline in credit growth.
Still, the 5.8% forecast for this year is an improvement from the estimated 4.8% growth for last year, owing to both monetary and fiscal measures, and subdued oil prices, said the IMF.
China's growth forecast for 2020 was revised higher by 0.2 percentage points to 6.0%, according to the IMF. That's partly because the country's "phase one" trade deal with the U.S. is likely to reduce some risks facing the world's second-largest economy, the fund said.
"However, unresolved disputes on broader US-China economic relations as well as needed domestic financial regulatory strengthening are expected to continue weighing on activity," the fund wrote in its report.
US growth moderation
The U.S., the world's largest economy, is projected to grow by 2.0% this year — a downward revision of 0.1 percentage points compared to the IMF's October forecast.
Max Lin, a strategist at NatWest Markets, said the downgrade reflects a slowing manufacturing sector in the U.S. and potential risks from the presidential elections later this year.
Euro area pick up
Growth in the euro area for this year was revised down by 0.1 percentage points to 1.3%, according to the IMF.
But that projection reflects a pick up from last year's 1.2% estimate, which the organization attributed to an expected improvement in external demand.
These are the IMF's growth forecasts for major European economies this year:
- Germany: 1.1%
- France: 1.3%
- Italy: 0.5%
- Spain: 1.6%