The International Monetary Fund (IMF) provided a gloomy forecast Tuesday in the wake of Britain’s decision to leave the European Union in June.
The IMF lowered it’s projected global growth rate citing “geopolitical turmoil, rising protectionism and terrorist attacks.” Fearing these factors would push world economic growth into a downward spiral, the IMF’s new estimated growth rate is the “slowest since the financial crisis.”
Chief economist for the IMF, Maurice Obstfeld, says that the Brexit move “adds downward pressure to the world economy at a time when growth has been slow amid an array of remaining downside risks.” The IMF has lowered all projections for growth in the eurozone for the coming year.
The IMF’s new lower growth rate sets the stage for a meeting between the world’s leading finance ministers and central bank leaders in China in late July. Brexit is likely to take center stage in the discussions.
Adding some levity to the forecast, the IMF noted that the resilience of the markets in the face of Brexit may be a positive indicator of good things to come.
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