IMF cuts global growth outlook
The International Monetary Fund (IMF) revised down its global growth estimate for 2020 by 0.1% to 3.3%. This is a projected rise from an estimated 2.9% growth in 2019.
The global markdown was driven by weaker growth in some emerging economies, particularly India. The 2020 outlook for India was reduced by 1.2% to 5.8%. On the positive side, improved US-China relations provided a boost to China’s growth outlook which has been revised up 0.2% to 6.0% for 2020. It is now set to grow faster than India this year.
By late afternoon in London, ICE Brent was trading at $67.74/bbl.