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Improving U.S.-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the International Monetary Fund (IMF) said Monday.
However, while the risks to the global economy have lessened, the Washington-based global lending institution cautioned that outcomes "depend to an important extent on avoiding further escalation" between Washington and Beijing.
In the latest update to its World Economic Outlook, the IMF cut the global growth estimate for 2020 by one tenth compared to the prior report released in October, dropping it to 3.3 percent.
It also lowered the 2021 forecast by a bit more to 3.4 percent.
The sharp drop for India "accounts for the lion's share of the downward revisions," the IMF said.
The relationship between China and the United States, the world's dominant economic powers, is still troubled by "unresolved disputes" which continue to be a factor.
"The risk of protracted subpar global growth remains tangible despite tentative signs of stabilizing momentum," the fund warned in its quarterly report.
"Policy missteps at this stage would further enfeeble an already weak global economy."
U.S. President Donald Trump signed a deal with China last week that ends the escalation but leaves in place tariffs on two thirds of the goods imported from the Asian economic power.
The trade truce led to an upgrade of China's growth forecast to 6.0 percent in 2020, with a slight slowdown to 5.8 percent projected for next year.
Source(s): AFP
