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Added on the 05/03/2019 07:58:31 - Copyright : Wochit
The IMF downgrades its forecast for global economic growth this year, citing the impact of the Omicron variant of Covid-19, which contributed to a slowdown in the United States and China. World GDP is forecast to expand 4.4 percent this year, half a point lower than its previous estimate released in October, says IMF First Deputy Managing Director Gita Gopinath. SOUNDBITE
Wall Street falls sharply after weak economic data from China. Shartia Brantley reports.
European stock markets extended their losing streak on Thursday, with benchmark indexes in Frankfurt and London hitting seven-month lows as fears of a global slowdown took hold. As Sonia Legg reports, minutes from the U.S. Federal Reserve's July meeting dented expectations for a rate hike in mid-September, amid worries over lagging inflation and slowing growth in China.
Concerns over China dominate financial markets, the biggest fall in Shanghai shares in eight years dragging European stock markets and the prices of major commodities like copper and oil sharply lower. Ciara Lee reports
Global growth is set to be higher than expected this year, the IMF said Monday, raising its forecast on surprisingly strong consumption and investment while China's lifting of zero-Covid restrictions provides another boost. SOUNDBITE
Surging inflation and severe slowdowns in the United States and China prompted the IMF to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse. SOUNDBITE
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