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Lagarde hints at cut in IMF growth forecasts as emerging economies slow
AFP | July 07, 2013 23:23
By AFP
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IMF chief Christine Lagarde on Sunday signaled that her organization would be lowering slightly its global economic growth forecasts, which are set to be released within the next few days.

Lagarde noted that the IMF, along with the World Bank, said back in April that the global economic recovery was advancing at mainly three different speeds, from an average 5.5 percent in emerging economies to 2.0 percent in advanced countries such as the US and Australia, to the essentially deadlocked economies of the 17-nation eurozone.

"We therefore had a (global) growth forecast which was about 3.3 percent, but I am afraid when taking into account what we are currently seeing in the economies of the emerging countries in particular ... we are perhaps a little bit below" the previous forecast, Lagarde said at an economic meeting held in the southern French city of Aix-en-Provence.

Earlier this month the World Bank slashed its growth forecast for emerging economic superpower China to 7.7 percent from 8.4 percent, warning of a potential "sharp" slowdown triggered by a fall in investment.

That contributed to its global economic growth estimate in 2013 being cut to an annual rate of 2.2 percent from its January forecast of 2.4 percent.

Lagarde declined to give any figures, saying that they would be released by the IMF's chief economist within the next few days.

AFP

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