The International Monetary Fund on Tuesday slashed its growth forecast for a fifth consecutive time citing slowing growth in the emerging markets and lingering risks, mainly from the Eurozone crisis.
In an update to its World Economic Outlook, the Washington-based lender forecast the global economic growth at 3.1 percent this year, which was less than its April projection of 3.3 percent, but equaled last year's growth figure.
In 2014, the world economy is seen expanding 3.8 percent, which is also slower than the 4 percent forecast in April.
The 2013 growth forecast for the U.S. was cut to 1.7 percent from 1.9 percent, and the outlook for next year was lowered to 2.7 percent from 3 percent.
The 17-nation Eurozone is expected to shrink 0.6 percent this year, worse than the 0.3 percent contraction seen in April.
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