The IMF said global growth, projected to grow 2.9 percent in 2019, has a new projection of 3.3 percent in 2020 and 3.4 percent in 2021, both lower than October WEO's estimates by 0.1 percentage point each.
It added that in a few cases, this reassessment also reflects the impact of increased social unrest.
Euro Area growth is expected to pick-up from 1.2% last year to 1.3% this year (down 0.1%) and to 1.4% in 2021.
The International Monetary Fund on Monday said global growth would reach 3.3% in 2020, compared to 2.9% in 2019 - which was the slowest pace since the financial crisis a decade ago.
"The growth markdown largely reflects a downward revision to India's projection, where domestic demand has slowed more sharply than expected amid stress in the non-bank financial sector and a decline in credit growth".
The financial institution stated that the growth of Nigeria, Angola and South Africa (the three largest economies in the region) were subdued in 2019, below historical averages and contracting for a fifth consecutive year on a per capita basis. China's economy will likely expand 6.0 percent. "The only sector that is showing some stability is services and even that is lower than expected", she said, adding that the government needs to take urgent measures to "quickly revive the engine".
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However, Ms Thunberg said the struggle against climate change will require more than just general awareness. The 50th annual meeting of the forum will take place in Davos from January 21 until January 24, 2020.
For the Philippines, the International Monetary Fund has a growth projection of 5.7 percent for 2019, and 6.3 percent for 2020 as of the last WEO as they expect an increase in government spending while the Bangko Sentral ng Pilipinas' 75 basis points reduction in key rates previous year is also a growth stimulant.
In its update to the World Economic Outlook, the agency lowered the growth projection for entire Asia from the October forecast.
"While there are signs of stabilization, the global outlook remains sluggish and there are no clear signs of a turning point".
Speaking at a press conference here on the WEO update, Gopinath said that a new global taxation regime is needed for digital economy to check tax evasion. "China "phase one" trade deal, there's obviously a lot more that still needs to be done", Gita Gopinath, the IMF's chief economist, told CNBC Monday.
The IMF said the United Kingdom economy would grow 1.5 per cent in 2021, compared to 1.4 per cent in the Eurozone, which includes some of the world's top economies - Germany, France, and Italy, who all abandoned their national currencies to adopt a single currency Euro.
At the same time it cautioned, "Downside risks, however, remain prominent, including rising geopolitical tensions, notably between the United States and Iran, intensifying social unrest, further worsening of relations between the United States and its trading partners, and deepening economic frictions between other countries".