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The IMF has again downgraded its forecasts for global economic growth, potentially pushing back further hopes of an imminent rebalance in global oil markets (MEES, 15 July).
Such hopes are based on economic growth boosting demand in key consumer countries such as China, the US and India.
But in a 19 July update to April’s World Economic Outlook, the IMF cut its global growth projections for both 2016 and 2017 by 0.1 percentage points compared to the April report, which already contained a set of steep downward revisions (MEES, 15 April).
For the US, the 2016 growth forecast has been revised down by 0.2 percentage points to 2.2%, with 2017 for now left unchanged at 2.5%.
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