Chief Economist and Director of the Research Department at the International Monetary Fund (IMF), Gita Gopinath, speaks during a press conference in Washington [Andrew Caballero/Reynolds/AFP]
The International Monetary Fund (IMF) on Tuesday cut its global growth forecast to the lowest level since the financial crisis, warning of significant downside risks to the world economy including trade tensions, pockets of political instability, mounting debt levels and increasing inequality.
The IMF lowered its growth forecast for 2019 to 3.3 percent from the previous level of 3.5 percent in its latest World Economic Outlook (WEO).
This is the third time in six months that the fund has revised its outlook downward.
The IMF is projecting a decline in growth this year for 70 percent of the