The worldwide economy is receiving a significant boost - 0.5 percentage point of growth last year and this year - from central banks' low-rate policies, the lending organization says in a global outlook report out Monday.
The IMF yearly World Economic Outlook, set to be released on Monday, will project improvement in the coming years, with the IMF having estimated the recent trade rows cost the world economy about $700 billion or an 0.8 percent reduction in collective gross domestic product.
That's the view of the International Monetary Fund, which foresees world economic growth accelerating from 2.9 per cent previous year to 3.3 per cent in 2020 and 3.4 per cent in 2021.
"In the third quarter of 2019, growth across emerging market economies (including India, Mexico, and South Africa) was weaker than expected at the time of the October WEO, largely due to country-specific shocks weighing on domestic demand", the International Monetary Fund said.
India-born IMF Chief Economist Gita Gopinath said growth in India slowed sharply owing to stress in the non-bank financial sector and weak rural income growth.
She warned that fresh issues such as the climate emergency and increased trade protectionism meant the next 10 years were likely to be characterised by social unrest and financial market volatility. "It brings China in the parameters around the 6 percent growth for 2020, rather than below", Georgieva said.
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In its World Economic Outlook update, the International Monetary Fund chief economist Gita Gopinath said growth in India slowed sharply "owing to stress in the nonbank financial sector and weak rural income growth".
With disputes still raging between the USA and Europe, she said "the global trading system is in need of a significant upgrade".
Gopinath said, "There is simply no room for complacency, and the world needs stronger multilateral cooperation and national-level policies to support a sustained recovery that benefits all". "The slight downward revision of 0.1 percent for 2019 and 2020, and 0.2 percent for 2021, is owed largely to downward revisions for India", she added.
"Trade truce is not the same as trade peace", she said. "The reality is that global growth remains sluggish".
India's economic growth had decelerated to a six-and-a-half-year low of 4.5% in the September quarter.
It sees growth for next year at 1%, which is down from an earlier prediction of 1.4% growth. Instead, the IMF said 2020 USA growth would be 0.1 percentage point lower than forecast in October, at 2.0% because of the fading stimulus effects from 2017 tax cuts and the Federal Reserve's monetary easing.