The International Monetary Fund (IMF) has downgraded its global growth forecast for 2019 to its 'lowest level' since the financial crisis.
In its latest World Economic Outlook document, the IMF downgraded its global growth forecast to 3.3% for 2019, and 3.6% for 2020. According to the IMF, the UK, the US and the Eurozone could be adversely affected by slowing global economic growth.
The IMF also stated that global growth could slow 'even further' as a result of trade tensions and the 'uncertainty surrounding Brexit'.
In its report, the IMF said: 'Amid waning global growth momentum and limited policy space to combat downturns, avoiding policy missteps that could harm economic activity needs to be the main priority.'
Commenting on the matter, Gita Gopinath, Chief Economist at the IMF, said: 'This is a delicate moment. What we are seeing is a slowing global economy. We've reduced our forecast for growth for 2019, and at the same time we are expecting a recovery in 2020.'