The International Monetary Fund on Tuesday cut its outlook for global growth to its lowest level since the financial crisis.
, to the weakest pace since the global financial crisis, pointing to Brexit-related uncertainties and trade tensions between the US and China as fueling its downgrade.
The IMF projects global economic growth of 3.3% this year, down from the 3.5% it saw back in January. "Although a 3.3 percent global expansion is still reasonable, the outlook for many countries is very challenging, with considerable uncertainties in the short term, especially as advanced economy growth rates converge toward their modest long-term potential," the IMF said in its report.
Improvements to the global growth picture are expected in the second half of this year, the IMF said, and global growth is expected to return to 3.6% in 2020 — but that resumption hinges on a rebound in some emerging-market economies. "This return is predicated on a rebound in Argentina and Turkey and some improvement in a set of other stressed emerging market and developing economies, and therefore subject to considerable uncertainty," the IMF said in its sweeping report.This story is developing. Please check back for updates.The US just got its latest sign that the manufacturing sector is slowing down
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