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U.N. and IMF warn of "fragile" global growth and looming risks

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U.N. and IMF warn of 'fragile' global growth and looming risks

U.N. and IMF warn of "fragile" global growth and looming risks

The International Monetary Fund on Monday cut its world economic growth forecasts for 2019 and 2020 due to weakness in Europe and some emerging markets.

As Ciara Lee reports, it came as the United Nations also warned of looming threats.

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U.N. and IMF warn of "fragile" global growth and looming risks

Global economic growth alarm bells were sounded from two major institutions on Monday.

The United Nations and the IMF are both concerned about threats, ranging from tariffs to climate change.

The UN expects growth in the global economy to hold steady at 3% for the coming two years.

It says it's becoming difficult to make clear projections for individual economies.

(SOUNDBITE) (English) UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD) DIVISION ON GLOBALIZATION AND DEVELOPMENT STRATEGIES DIRECTOR, RICHARD KOZUL-WRIGHT, SAYING: "Who, at the beginning of this year, predicted that Germany would flirt with or actually, enter recession?

Nobody, is the answer to that question.

Which tells you just how fragile the kind of post-crisis recovery actually has been.

Confidence is hit in several places across Europe, there are ongoing worries about the Italian banking system, Brexit is adding to all kinds of concerns and worries." The International Monetary Fund has also cut its forecasts for 2019 and 2020, blaming weakness in Europe and some emerging markets.

The global lender said failure to resolve trade tensions could do further damage.

(SOUNDBITE) (English) INTERNATIONAL MONETARY (IMF) FUND MANAGING DIRECTOR, CHRISTINE LAGARDE, SAYING: "Now does that mean a global recession is around the corner?

No.

But the risk of a sharper decline in global growth has certainly increased.

Add to this the uncertainty, the geopolitical worries, and disappointing growth prospect, and you have an economic picture with a pretty clear message, and the message is the following for policymakers: address remaining vulnerabilities and be ready if a serious slowdown were to materialise." In its second downgrade in three months, the global lender also cited a slowdown in China's economy and a possible "No Deal" Brexit as major risks.

The new forecasts show that policymakers may need to come up with plans to deal with an end to years of solid global growth.




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