2015-01-21 — telegraph.co.uk
Ahead of the World Economic Forum in Davos, Switzerland, where world leaders gather this week to discuss challenges facing the global economy, the Fund revised down its global growth forecast to 3.5pc this year, from a projection of 3.8pc in October. Growth for 2016 was revised down to 3.7pc, from 4pc.
The IMF said weaker growth would be driven by a further slowdown in the eurozone, China, and a deep contraction in Russia, where the economy is expected to shrink by 3pc this year, from a projection of 0.5pc growth in October. The Fund believes the Russian economy, which has been hit by western sanctions over the crisis in Ukraine, will shrink by 1pc in 2016.
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