IMF downgrades global growth on concerns about recovery

The IMF slashes its global growth forecasts, setting a tone for the IMF-World Bank 2012 annual meetings in Tokyo this week.
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The IMF's Olivier Blanchard
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<div style="text-align: left;"> The IMF's Olivier Blanchard </div>

The IMF expects the global economy to grow 3.3% this year and 3.6% in 2013, with a slump in world trade hurting emerging markets and developing countries, according to its latest World Economic Outlook, released ahead of the annual meetings that kick off today.

“Low growth in advanced economies is affecting emerging and developing economies through exports,” Olivier Blanchard, economic counsellor and director of the research department at the IMF, told a press conference in Tokyo yesterday.

“As was the case in 2009, trade channels are surprisingly strong, with, for example, lower exports accounting for most of the decrease in growth in China, and through supply...

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