The worldwide finance agency dropped its projection for world economic growth by two-tenths of a percentage point for both 2018 and 2019 to 3.7 percent, the first time it had trimmed its economic outlook in more than two years.
After a visit last week, the International Monetary Fund said Pakistan was facing significant economic challenges, with diminishing growth, high budget and current-account deficits, and low foreign-exchange reserves.
The IMF expects the U.S. economy to grow by 2.9 per cent and China's by 6.6 per cent this year. It is projecting a current account of -4.1 per cent of GDP in 2018, -4.0 per cent of GDP next year and-3.6 per cent of GDP.
The latest IMF "World Economic Outlook" report released at the IMF-World Bank Annual Meetings in Bali on Tuesday hints at possible further negative shocks to growth prospects. But it said that both would slow down more than earlier envisaged, and see growth of just 2.5 per cent and 6.2 per cent, respectively, next year.
The IMF warned that China's growth even risked declining by a full percentage point by next year in the event of a "worse-case" scenario, involving further tariffs coupled with a collapse in confidence by businesses and markets.
For the eurozone, slow growth means less reductions in high unemployment rates in several countries and difficulty keeping on top of high debt levels, while Japan needs growth to ward off unsafe deflation.
The OECD has also revised down its global growth forecasts.
The eurozone's 2018 growth forecast was cut to 2.0 percent from 2.2 percent previously, with Germany particularly hard hit by a drop in manufacturing orders and trade volumes.
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"This is the biggest ever deficit of Pakistan's history", he said.
It said reform priorities in India include reviving bank credit and enhancing the efficiency of credit provision by accelerating the clean-up of bank and corporate balance sheets and improving the governance of public sector banks.
With weakening growth and uncertainties over trade, smoothing the economic impact of de-risking "is a very hard act of judgment that policymakers in China have to struggle with", Vitor Gaspar, director of the IMF's fiscal affairs department, told reporters at a separate briefing on its Fiscal Monitor, a report that tracks the state of countries' public finances, on Wednesday.
Mounting trade tensions and stresses in emerging markets are starting to take a toll on the world economy.
The last one was in September, 2013 when the International Monetary Fund approved a Dollars 6.6 billion loan support to the government's programme to stabilise its economy and boost growth while expanding its social safety net to protect the poor. Indonesia has been swept up in the market turmoil triggered by rising USA interest rates and a stronger dollar, which has pushed the rupiah down 11 percent this year.
The IMF as usual urged emerging economies to accelerate structural reform measures to strengthen their economic fundamentals in the long term.
Conditions in Europe and other major advanced economies have also remained "relatively easy", although investors have pushed back their expectations for the European Central Bank to lift interest rates, the report said.