The International Monetary Fund (IMF) has lowered its growth forecast for 2014 to 3.4% from its last projection of 3.7% in April, but maintained its optimistic view of 2015.
In an update to its World Economic Outlook, the IMF said this year's weaker forecast was largely due to the sharp drop in the United States’ and China’s economic performance.
The IMF said bright spots in the global economy included growth pick-ups in Japan, Germany, Spain and the United Kingdom. Out of the Brics countries only India avoided an IMF ratings downgrade, as business sentiment recovers after the country's election.
The IMF global growth forecast for 2015 remains at 4%.
World economic outlook downgraded for 2014
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