IMF Revises Down Global Growth Rate Projections

In time for the World Economic Forum Annual Meeting in Davos which begins today, the IMF has released revised projections for economic output growth for the next two years and warns of 'a weakening global expansion'. A downward revision was also announced in the last report in October off the back of the escalating U.S.-China trade conflict. This time around, the IMF cites new automobile fuel emission standards in Germany and the sovereign and financial risks developing in Italy as well as a deeper than expected contraction in Turkey. The global projection of 3.7 percent for 2019 has been scaled back to 3.5 percent, while 2020's projected 3.7 percent now sits at 3.6 percent.