The International Monetary Fund (IMF) cut its global growth forecasts on July 19 citing uncertainty over the economic effects of the recent Brexit vote which will see the UK leave the European Union (EU).
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|Even before the Brexit vote, the IMF had cut its global growth outlook. The new forecasts represent the fifth time in the last 15 months that the IMF has cut forecasts of global economic growth. In its World Economic Outlook forecast the IMF now predicts global GDP to grow at 3.1 percent in 2016 and 3.4 percent in 2017 a decline of 0.1 percent for both years from the forecast in April.|