The International Monetary Fund (IMF) has taken the decision to lower its previous forecast for worldwide economic growth following a number of significant changes.<\/p>\n
In July, growth was estimated to be at 3.3 per cent, but this has been downgraded to 3.1 per cent, while next year\u2019s estimated figures have also been amended (down to 3.6 per cent from 3.8 per cent).<\/p>\n
However, the UK was the fastest-growing large advanced economy in 2014 and the IMF has stated that the country remains to be in a strong position, on par with the US.<\/p>\n
The UK\u2019s economic growth is expected to be 2.5 per cent this year, up from the IMF\u2019s July forecast of 2.4 per cent.<\/p>\n
Emerging economies including Brazil, Nigeria, South Africa and Russia have had their economic prospects downgraded by the largest amounts, mainly due to falling commodity prices.<\/p>\n
The IMF stated that \u201cA return to robust and synchronized global expansion remains elusive\u201d.<\/p>\n
It also issued a warning to highlight that the actual outcome could be worse than its predictions have indicated, due to the current volatility of international economies, including the situation with Greece and China.<\/p>\n
In China, economic growth is shifting from a quick pace fuelled by manufacturing and exports to a slower rate of expansion that is more reliant on Chinese consumer spending and the country\u2019s services industry.<\/p>\n
The IMF maintains its position that the majority of worldwide growth is being recorded in merging and developing economies, but that many of them are slowing, which is a pattern that has been seen over the course of the last five years.<\/p>\n","protected":false},"excerpt":{"rendered":"
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