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IMF downgrades growth forecast for Irish economy

Xinhua, October 5, 2016 Adjust font size:

The International Monetary Fund (IMF) has downgraded its growth forecast for the Irish economy for this year and next, citing concerns around Brexit, according to its latest World Economic Outlook.

In its World Economic Outlook published on Tuesday, the Washington DC-based lender cut its growth forecast for the Irish economy for 2016 by 0.1 percent to 4.9 percent, and by 0.4 percent to 3.2 percent for 2017.

The IMF projected world economic growth to slow to 3.1 percent in 2016, before recovering to 3.4 percent in 2017.

It highlighted the fallout from the Brexit vote, saying that the ultimate impact "remains unclear as the fate of institutional and trade arrangements between the United Kingdom and the European Union is uncertain."

Meanwhile, the Irish Department of Finance has downgraded its growth projections for the Irish economy to 4.2 percent from 4.9 percent made in the summer forecast for this year, to 3.5 percent from 3.9 percent for next year, citing the uncertainty surrounding Brexit, slower U.S. growth and recent exchange rate movements.

Previously, Irish Finance Minister Michael Noonan signalled that Brexit was likely to cause a 0.5 percent drag on the country's gross domestic product. Enditem