The International Monetary Fund downgraded its global growth outlook as positive effects of lower oil prices and the depreciation of the euro and yen are more than offset by weakness in investment in many advanced and emerging market economies.
In its World Economic Outlook Update released Tuesday, the Washington-based lender said the global economy is set to grow 3.5% this year, down from the 3.8% expansion projected in October. The growth in 2016 is projected to be 3.7% instead of 4%.
Even with sharply lower oil prices, the economic outlook is still subdued weighed down by underlying weakness elsewhere, the IMF said. Click here to read more.