"The global expansion is weakening, and at a rate that is somewhat faster than expected".
That's right Mark... The IMF predicts the global economy to grow at 3.5 percent in 2019 and 3.6 percent in 2020.
"Global growth in 2018 is estimated to be 3.7 percent, as it was last fall, but signs of a slowdown in the second half of 2018 have led to downward revisions for several economies".
The outlook for the United Kingdom was left unchanged at 1.5 per cent this year and 1.6 per cent in 2020, which means that Britain is expected to grow faster than Germany and Italy and just as fast as France.
The Washington-based lender held its 2019 growth forecast at 1.5 per cent, saying the fiscal stimulus announced in the October 29 budget would likely help offset the dampening effect which Brexit fears are having on the world's fifth-biggest economy.
The IMF said US-China trade confrontations, Brexit and other uncertainty are threatening to drag down global growth even further.
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For Canada, the IMF's estimate for growth in 2019 was 1.9 per cent, down from a forecast in October for growth of 2.0 per cent. The IMF said while the Chinese growth rate has been on a downward slope India has experienced an upward trajectory in these years.
She also suggested policy priorities to mitigate global risks. An escalation of trade tensions beyond those already incorporated in the forecast remains a key source of risk to the outlook.
The IMF has been urging policymakers to carry out structural reforms while the global economy enjoys solid growth, with Lagarde telling them to "fix the roof while the sun is shining". Under President Donald Trump the United States has imposed import taxes on steel, aluminum and hundreds of Chinese products, drawing retaliation from China and other US trading partners. "Higher trade uncertainty will further dampen investment and disrupt global supply chains", she said.
"As seen in 2015-16, concerns about the health of China's economy can trigger abrupt, wide-reaching sell-offs in financial and commodity markets that place its trading partners, commodity exporters, and other emerging markets under pressure", the International Monetary Fund said in the report.
In the case of Germany, the growth forecast for 2019 was cut 0.6 points to just 1.3 percent due to the impact on business and private consumption following new auto emissions standards - likely a one-time hit.
The World Bank and the Organization for Economic Cooperation and Development have also downgraded their world growth forecasts. "We still say that it is the highest growth rate for a large economy, so that is a big positive".