The International Monetary Fund is lowering its forecasts for global growth over the next two years, warning that weakness in most major economies will trump gains from lower oil prices. The IMF’s report downgraded projections it issued in October by three-tenths of a percent. They say global growth for 2015 will be 3.5% and will grow to 3.7% in 2016. But even with the latest cuts, this year and next year’s numbers will still be higher than 2014. The advanced economies are forecast to expand by 2.4% in 2015, slightly higher than earlier thought, and at the same rate in 2016. Growth in developing economies is forecast to slip to 4.3% from an estimated 4.4% in 2014, but then recover to 4.7% in 2016.
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