IMF: global economic growth accelerates slower than expected

The International Monetary Fund (IMF) once again cut its outlook for the world economy, warning Tuesday that economic turmoil in China and financial contagion throughout emerging markets threaten to curb global growth.

Deeper downturns in many of the world’s largest developing countries and a weaker-than-expected expansion in the U.S. prompted the IMF to downgrade its forecast for global growth this year by 0.2 percentage point to 3.4 percent. That is a meager improvement from last year’s 3.1 percent growth rate. (MTI)