The state of the world economy…Coordinated slowdown and uncertain recovery

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The International Monetary Fund (IMF) has lowered its global growth forecast for 2019 to its lowest level since the financial crisis, amid continuing trade disputes that have affected business and investment confidence, warning that the global economy is experiencing a “coordinated slowdown and uncertain recovery.”

The IMF also lowered its growth forecasts for Saudi Arabia and Iran, the two largest economies in the Middle East, on the back of U.S. sanctions, regional tensions, and falling oil prices.

The International Monetary Fund (IMF) predicted that Iran’s economy would contract by 9.5 percent after earlier forecasts of 6 percent. The Saudi economy grew by 0.2 percent against earlier forecasts of 1.9 percent growth.