IMF Managing Director Christine Lagarde talks with Indonesia’s Finance Minister Sri Mulyani Indrawati.
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The International Monetary Fund Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that the U.S-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows.The IMF said in an update to its World Economic Outlook it was now predicting 3.7 percent global growth in both 2018 and 2019, down from its July forecast of 3.9 percent growth for both years.With much of the U.S.-China tariff war's impact to be felt next year, the fund cut its 2019 U.S. growth forecast to 2.5 percent from 2.7 percent previously, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.It left 2018 growth forecasts for the two countries unchanged at 2.9 percent for the United States and 6.6 percent for China.The repercussions for the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9 percent in the United States and 1.6 percent in China in 2019 .
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