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IMF Trims Global Growth Forecast

The International Monetary Fund slashed the global growth forecast for this year and next on Tuesday, citing an increase in the likelihood of further negative shocks to the outlook.

In its latest World Economic Outlook, released in Bali, Indonesia, the Washington-based lender forecast 3.7 percent growth for the world economy for this year and next. That is less than the 3.9 percent predicted in April.

"There are clouds on the horizon," IMF Chief Economist Maurice Obstfeld said during a press conference.

"Growth has proven to be less balanced than we had hoped."

Obstfeld noted that growth is being supported in several key economies by policies that seem unsustainable over the longer term.

"These concerns raise the urgency for policymakers to act," the economist added.

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