IMF Cuts Global Growth OutlookOctober 9, 2012 @ 7:49 AM EST
IMF Cuts Global Growth Outlook
The IMF issued its latest forecast for global growth late yesterday, cutting its growth outlook for 2012 to 3.3% from their prior estimate of 3.5% in July.
The IMF kept its 2013forecast unchanged at 3.6%.
The report said advanced economies are projected to grow by 1.3% this year, compared with 1.6% last year and 3.0% in 2010, with public spending cutbacks and the still-weak financial system weighing on growth prospects.
Growth in emerging market and developing economies was reduced to 5.3% from 6.2%.
The IMF says leading emerging markets such as China, India, Russia, and Brazil will all see slower growth.
Although the report is not exactly breaking news, U.S. futures are lower.
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