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Danske Bank analysts point out that the IMF published its new world economic outlook yesterday with a lowering of its global GDP growth estimate to 3% for this year (from 3.3% in April), with a small rebound to 3.4% next year (3.6% in April), with the rebound driven by a number of EM countries.

Key Quotes

“Furthermore, IMF said that global central banks only had ‘limited ammunition’ to fight a recession and that central bank stimuli can only offset part of the damage caused by protectionism.”

“Overall, the IMF struck a generally downbeat tone with significant challenges ahead for the global economy, pointing to primarily trade, geopolitical tensions, no-deal Brexit and persistently weak economic data as triggers.”