09 October 2012 03:31 [Source: ICIS news]
SINGAPORE (ICIS)--The International Monetary Fund (IMF) on Tuesday cut its 2012 global growth forecast for the second time since April, because of ongoing concerns over the eurozone debt crisis and weak ?xml:namespace>
The global economy is projected to grow by 3.3% year on year in 2012, down from the July forecast of 3.5%, before rebounding to 3.6% next year, the IMF said in its World Economic Outlook report.
On a year-on-year basis, growth for
The growth forecast for
A return to double-digit growth in
"A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component," IMF said.
"The answer depends on whether European and
IMF warned that output is expected to remain sluggish in advanced economies, but is still “relatively solid” in many emerging markets.
Unemployment is likely to stay at high levels in many countries, while global conditions “will remain fragile”, it added.
“The crisis in the euro area remains the most obvious threat to the global outlook,” it said.
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