In addition, IMF reduced expectations for growth in the global volumes of trade in goods and services to 2.5% for 2019, cutting estimates by 0.9 percentage point.
SINGAPORE (July 29): The European Central Bank has signalled the need for significant stimulus in the economy, as the growth outlook deteriorates. While the ECB has held rates unchanged for now, president Mario Draghi has indicated that lower interest rates as well as renewed asset purchases could come after the summer break.
On July 23, the International Monetary Fund again cut its 2019 and 2020 growth forecast for the global economy. IMF had in April estimated that the global economy would expand 3.3% in 2019, from the year before, but has now revised it down to 3.2%, the lowest level since 2009. Growth in 2020 is expected to pick up slightly at 3.5%, albeit below IMF’s earlier forecast of 3.6%.
