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IMF downgrades 2015 world economic growth to 3.3 pct

Xinhua, July 9, 2015 Adjust font size:

The International Monetary Fund (IMF) on Thursday downgraded its global economic growth projection to 3.3 percent in 2015 from a forecast of 3.5 percent it made in April.

The weaker-than-expected U.S. economy is the culprit of the lower projection, the fund said in its update of the World Economic Outlook, its biannual flagship report of the world economy.

The U.S. economy's unexpected contraction in the first quarter dragged down growth in neighboring countries such as Canada and Mexico, the Washington-based lender said.

The IMF maintained its projection of the world economic growth in 2016 at 3.8 percent, alerting the global markets face the risks of financial volatility and asset price fluctuations. Endi