Deutsche Bank analysts note that the IMF has cut its growth outlook to 1.2% this year which was a downward revision of -0.3pp from three months ago.
Key Quotes
“The growth rate of the world economy was revised down two tenths to 3.3% which would be the weakest rate of growth since 2009. That is also the third downward revision in the last six months. The US was cut to 2.3% (down two-tenths) and Euro Area to 1.3% (down three-tenths) – but still notably above DB’s forecast of 0.9%. It wasn’t all doom and gloom though with China revised up one-tenth to 6.3%.”
“The biggest downward revisions were reserved for Germany and Italy however, where both were revised down five-fifths to 0.8% and 0.1% respectively.”
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