Not so fast for world growth, says IMF

The International Monetary Fund may be about to cut its forecast for global growth as managing director Christine Lagarde warns trade wars and tighter credit are darkening the outlook. Three months since predicting the world economy would grow 3.9 per cent this year and next, Lagarde signalled in Washington that she is no longer quite so optimistic. The fund will update its World Economic Outlook on Oct 9 ahead of opening its annual meeting in Bali, Indonesia.

Washington: On Monday, Christine Lagarde urged countries to work together to build a global trade system that is stronger, fairer and fit for the future. “History shows that, while it is tempting to sail alone, countries must resist the siren call of self-sufficiency — because as the Greek legends tell us, that leads to shipwreck,” she said.